A Waikato property housing, one3one - a popular cafe, restaurant and bar - is for sale in Paeroa.
Located in the heart of the rural town at 131 Normanby Rd, one3one occupies a site that was redeveloped in 2013 and now has a seismic rating of 100 per cent under the initial evaluation procedure (IEP).
The 630sq m building on a 775sq m freehold site, which is subject to survey, is being marketed for sale at auction at noon on Thursday June 27 through Bayleys Hamilton and is featured in Bayleys' latest Total Property portfolio magazine.
Bayleys Hamilton salespeople Josh Smith and Daniel Keane say tenant GBJ Group has a long lease running through August 2025 that generates annual rent of $85,999 plus GST; and which has two further six-year rights of renewal expiring in 2037.
Smith says the site has a commercial 8B zoning and the business owners have kept many of the property's original features such as the walls from an old villa. The copper used for the bar was gathered from old water cylinders around the district.
"One3one is a popular eatery and bar catering to travellers, locals, sporting groups, clubs and professionals as a central meeting point supported with 18 gaming machines," he says.
The site is rich in history from the original 1895 foundations for one of the first taverns established in Paeroa to its modern rebuild in 2013.
"The place oozes stories from its first hardy gold miners, Kauri bushman and pioneering farmer patrons, to today's travellers, sports teams, groups and locals."
The original old Fathers Tavern was two storeys high, but due to changes in licensing rules it was reduced to a single storey in 1975 when extensive structural work was completed.
Six years ago when the current owners bought the property, they embarked on a restoration journey to create one of Paeroa' s prominent eateries and bar.
"After an extensive rebuild and throughout the refit the owners kept in mind the history of the building salvaging floorboards, light fittings and doors to keep some of the original heritage," Smith says.
"When entering though the reclaimed doors people are struck by the prominent copper topped bar adorned with recycled rimu paneling centrally located and accessible from three sides. To the left is the bar with recycled rimu leaners and stools, a big screen projector for live sports games or meetings with casual dining."
The restaurant on the right hand side has both tables and booths for a more formal dining experience. There is a gas-heated outdoor courtyard to the side of the restaurant with leaners offering an alternative to the indoor environment.
An informal lounge area to the front of the kitchen service area has been created as a spot for gathering before meals, informal coffees and casual meetings that is used by many travellers as a comfortable coffee stop with WIFI provided.
Smith says a well-presented gaming machine room with 18 machines is on the rear left hand side. A large kitchen is to the rear of the building with access to the office and chiller while an adjoining the kitchen contains an additional storage, a chiller and staff bathroom.
Access is via a driveway for delivery of goods minimising trade deliveries in the public area. A full security camera and alarm system is in place in all areas with sensors in the ceiling cavity and excellent outdoor security lighting. Climate control is by four heat pumps with an electric fire in the main restaurant.
"Keeping the old with new when the property was rebuilt, it was re-clad and new aluminium joinery installed giving a modern feeling to an old gem," Smith says.
"The corner site is ideal for its prominent tenant and the property has everything an astute buyer needs," he says.