Bar Africa for sale with vacant land

12:08 PM Saturday November 15, 2014 Colin Taylor

The Bar Africa bar and restaurant is for sale at 1B William Pickering Drive, North Harbour.

A property leased to Bar Africa, a well-known bar and restaurant property at 1B William Pickering Dr, North Harbour, has been placed on the market.

“The sale offers an income with the potential to add further value to the property,” says Matt Prentice of Colliers International who, with colleagues Shoneet Chand and Peter Herdson is selling it by deadline private treaty closing at 4 pm on November 27, unless it sells before that date by negotiation.

Prentice says 4320 sq m corner property includes around 1500 sq m of unused land - a feature which is hard to come by in this location.  

“The significant undeveloped portion of this property offers immediate potential upside for the buyer,” he says. “It could be developed or occupied straight away to provide huge add-value opportunity in this low-vacancy area.”

Prentice says it is likely a new owner could quickly lease the extra land to a business as yard space, which would generate an extra income stream and require very little capital outlay.

“There is significant demand among occupiers for well-located business land in North Harbour so leasing out the spare land is an obvious move for an investor looking to achieve an immediate boost in their income stream at low cost.”

Chand says the property will also appeal to owner occupiers and developers who could construct a new building on the unused land, while retaining the income-generating bar and restaurant on site.

“It’s a great corner site and with the property’s business 9 zoning, there are multiple options including showroom, office and warehouse uses.”

Bar Africa generates $154,000 in net annual rental income, on a 10-year lease with the right to renew for a further 10 years, giving a possible final expiry of November 2028. Rent reviews are included, offering potential income growth.

Prentice says the single level, 476 sq m building has an A-plus seismic rating and is very well presented inside and out, and features a variety of entertainment spaces.

“Bar Africa is a large venue with seating for 120 people inside, and being able to cater for up to 550 people in two separate outdoor areas.”

The bar and restaurant is a popular venue for private functions, and is busy in the evenings, especially at weekends. “It also attracts good numbers of patrons at lunchtime, in particular on Sundays, when regular country music artists James Ray and Friends perform.”

Chand says there are 42 on site car parks and the property has dual street access from William Pickering Dr and Omega St.

“This is a high profile site which benefits from its corner location and position on the main arterial road in the North Harbour business estate,” he says. “William Pickering Drive is one of the best streets in the area for businesses to be located in - close to the Albany Highway and the State Highway 18 motorway extension.”

The property is surrounded by modern, high quality commercial developments, including an office park that has attracted a wide variety of well-known national and international businesses, Chand says.

“Neighbouring properties range in size from small offices and warehouse units to larger corporate head offices and distribution centres. The new owner of this property will be rubbing shoulders with a prestigious roll-call of companies including HP Industries, Crown, EBOS Group, Fujifilm and Mighty Ape.”

Prentice says North Harbour, along with neighbouring Rosedale and Albany, has undergone significant development in recent years.

“The wider Albany Basin is one of the fastest-growing business localities in New Zealand, with substantial commercial, retail and industrial development such as the Interplex Business Park and major projects underway in Albany City. This activity means there has been continual growth around the area as businesses jostle for space in an increasingly tight market.”

 

For more information on this property visit:

TrueCommercial.co.nz