The ground floor of 5-7 Tory St is occupied by Joe's Garage café.
The ground floor of 5-7 Tory St is occupied by Joe's Garage café.
The ground floor of a Wellington character property housing a popular Joe's Garage café within the Courtenay Place Heritage Area is for sale by auction.
"The property we are selling at the northern end of Tory Street has a seismic assessment of 100 per cent of current building code andhas a big dose of personality," says Grant Young of Bayleys Wellington who, with colleague Mark Walker, is marketing the street level floor of 5-7 Tory Street for sale by auction on Thursday May 21.
"This is an attractive high-stud 184 sq m space occupied for the past six years by hospitality operators Joe's Garage which has renewed its lease for a further six-year term with additional rights of renewal beyond this," Young says.
Joe's Garage is a New Zealand owned and operated franchise operation which started out in Queenstown and has since spread to Hamilton, New Plymouth, Palmerston North, and Christchurch.
Billed by agents as "an affordable investment opportunity", the property up for auction is part of the original circa-1917 building which has been fully refurbished and upgraded, and which had a basement and three upper levels added to it in 2000.
Young says the fundamentals of the Tory Street location are enduring and improving.
"The Courtenay Place Heritage Area encompasses seven streets and a number of heritage listed buildings in acknowledgement of the early trading history of this part of Te Aro," he says.
Wooden floors and large wooden columns add to the café's ambience.
"Inside wooden floors and large wooden columns add ambience to the café space which suits the Joe's Garage urban-casual vibe. The exterior of the building contributes to the interesting and eclectic streetscape in this general area."
Walker says a planned 3870 sq m Countdown supermarket on Wakefield St within the Reading Courtenay cinema complex nearby will further boost the credentials of the area.
"When the 'big guns' commit to substantial projects we can assume they have done their homework thoroughly and this adds weight to any other commercial opportunity in the vicinity.
"Joe's Garage as a hospitality provider clearly agrees that this is a part of town that is thriving hence their renewal of their lease for another six years. A hands-off investor can take confidence from this and other activity in the area."
The main entrance to the property is from Tory Street leading directly into the main dining area. A substantial open kitchen and servery is located on the northern wall, with seating extending to the rear of the building along with restrooms.
The property has a capital valuation of $700,000 and a net income of $52,500 which is currently being reviewed as part of the existing lease arrangement.
