14/25 Corban Avenue in Albany, Auckland, which is leased to The BBQ King Chinese restaurant. Photo / Supplied
A portfolio of food and beverage premises – ranging from suburban mall cafes and a nationally franchised hamburger outlet through to what was operating as a substantial Irish pub – has been placed on the market for sale.
The five suburban venues are scattered across Auckland, and are being sold individually of each other by Bayleys Real Estate – with four of the premises tenanted.
Bayleys Real Estate retail group sales and leasing director Chris Beasleigh said the agency's food and beverage-focused portfolio offered a broad range of properties for sale – not only from a size and location perspective, but also in the diversity of tenants trading from the locations.
"Convenience food sales as a consumer economic sector remain resilient – as people always have propensity for snack eating while out shopping. While the dining and licensed alcohol sector may be more demanding on operators, there is always a willing tranche of entrepreneurs willing to have a crack at running their own bar or restaurant," Mr Beasleigh said.
"For retail commercial property owners, that means they will always have plenty of leasing opportunities available - either continuing with existing and proven tenants operating within their premises, or securing new operators.
"Food and beverage properties offer an entry-level opportunity to the commercial property sector – with most being less than 300 square metres in size, and often being surrounded by public attractions, amenities, or like-minded operations."
Bayleys' portfolio of five food and beverage properties for sale features two premises on the North Shore, two properties in the central suburbs, and one in South Auckland. All venues are being marketed for sale as just the land and buildings, and not the trading businesses tenanting the locations.
On Auckland's North Shore, the land and buildings housing a branch of the gourmet Burger Wisconsin hamburger chain at 17/160 Wairau Road is being marketed for sale at auction on October 23.
Salespeople Quinn Ngo and Matt Lee of Bayleys Auckland, and Ranjan Unka from Bayleys North Shore said the 105 square metre terraced unit – complete with 18 square metres of covered terraced dining space - was located in the 4,800 square metre Wairau Junction retail complex.
Burger Wisconsin Wairau Junction is currently on a lease running through to 2023 with two further five-year rights of renewal generating net annual rental of $49,392 plus GST.
"As a food and beverage-anchored hub, the Burger Wisconsin property within Wairau Junction is neighboured in either side by and a sports bar with TAB and a Hell Pizza outlet. Elsewhere in Wairau Junction are 22 tenancies, including a City Fitness gym, Coffee Club café, a Pita Pit outlet, and a Pizza Hut takeaway premises - which all have some 155 shared car parking spaces immediately outside and around their sites," Mr Lee said.
The Burger Wisconsin brand was established in New Zealand in 1989, and has subsequently grown to encompass 25 locations throughout the country – 10 of which are in Auckland.
Also on the North Shore, a 295.8 square metre licensed food premises at 14/25 Corban Avenue in Albany – leased to The BBQ King Chinese restaurant – is being marketed for sale at auction on October 23. Bayleys Auckland salesperson Millie Liang said the modern high-stud open-plan eatery was in a freehold unit titled premises.
The BBQ King eatery is on a six-year lease running through to 2019 with one further six-year right of renewal generating annual net rental of $120,000 plus GST.
Ms Liang said the property was located just a short walking distance from North Harbour Stadium, and has access to extensive shared customer parking immediately outside.
In the central Auckland suburb of Royal Oak, two separate cafes within the single storey Royal Oak Shopping Mall at 691 Manukau Road are being offered for sale at auction on October 23. Both sites are being marketed by Bayleys Auckland salespeople Matt Lee, James Chan, and Owen Ding.
Unit E in the mall is a 56 square metre freehold site tenanted by Juices café on a lease currently running through to 2021 with a further four-year right of renewal generating net annual rental of $32,458 plus GST per annum.
Mr Chan said Juices benefitted from being the first food and beverage outlet which shoppers encountered when entering the Royal Oak Shopping Mall with its high
atrium-style arched roof – part of a substantial renovation project completed in 2017.
Meanwhile elsewhere within the Royal Oak Shopping Mall, unit 51 features a 215 square metre space occupied by Oak Eatery which is on a lease currently running through to 2021 with three further three-year rights of renewal generating annual net rental of $70,000 plus GST. The business previously operated as a long-time cafe, but was completely modernised and redesigned in 2017 to a more contemporary fitout.
Mr Lee said the single level Royal Oak Shopping Mall housing the Oak Eatery and Juices café spaces contained some 68 retail outlets servicing the local community with clothing stores, jewelers, hair and beauty salons, pharmacies, and a medical centre. With car parking for some 778 vehicles on its 2.15-hectare site, the mall is open seven days a week – predominantly from 9am to early evening.
Rounding out listings within the food and beverage portfolio is substantial dormant hospitality premises at 11/792 Great South Road in Manukau which has previously been operating as O'Ryans Irish Bar. The land and building being marketed for sale at auction on October 24.
Bayleys Manukau salespeople Tony Chaudhary, Janak Darji and Amy Weng said the building had 547 square metres of interior space, with an additional 201 square metres of al-fresco balcony area – most of which was covered by a fixed awning.
"The imposing corner-site property was built in the mid-2000s. The former tenant has fitted out the premises as a fully functioning hospitality destination – embracing both bar and restaurant facilities," Mr Chaudhary said.
"The premises could appeal to either an investor looking to tenant the property, or an existing hospitality business owner/operator looking for a dormant 'turn-key' property to expand their critical mass in the licensed hospitality sector.
"Under either ownership model, the premises could easily be re-opened again in its present Irish-themed format, or could just as easily be redesigned with new decor – such as a Kiwiana gastro-bar. The 'bones' and configuration of customer spaces and amenities within the interior are essentially sound and well designed.
"Activity around the periphery of this property has grown phenomenally since it was opened – with the Vodafone Events Centre now hosting events, concerts, functions and conferences on an almost weekly basis, and the Vector Wero Whitewater Park attracting both corporate and public use throughout the week.
"Many clientele attending both the events centre and whitewater park facilities add a food and beverage experience onto their visit, and the opportunity exists for any new operator the of ex-O'Ryans bar to reinvigorate that connection."
Complimentary food and beverage outlets in the Manukau entertainment and recreational activities hub include a Domino's pizza store, a Subway outlet, and a branch of the Lone Star restaurant chain.