Brew Bar building sale should pull buyers
The interior of the building housing the New Brew Bar & Restaurant at 49 William Pickering Drive, Albany.
A commercial building in Albany occupied by the New Brew Bar & Restaurant since it was developed in 2001 is for sale with a long-term lease in place.
The 424 sq m premises at 49A William Pickering Drive will go under the hammer on December 2 as part of Bayleys’ latest Total Property portfolio auction.
“A decision has been made by the trustees of the family trust which has owned this property since it was built to sell this prime investment opportunity and wind up the trust,” says Ashton Geissler of Bayleys North Shore Commercial who, with colleagues Ranjan Unka and Damian Stephen, is marketing the building.
“Properties of this calibre are sought after in the tightly held location of Albany and this is the first time this one has been offered to the market,” Geissler says.
“The building was completed in late 2001 as premises for New Brew with a 368 sq m indoor restaurant and bar with an attractive, modern fit out that includes a polished concrete aggregate floor. There is also a 56 sq m front courtyard accessed from the internal space by large bi-folding doors which provides a popular outdoor seating environment. This is partially enclosed with a schist wall and an all-weather canopy cover.”
The property also has 24 designated onsite car parks carparks. Geissler says it is built of modern construction materials, including concrete footings and floor slab, precast tilt slab concrete exterior walls with the front featuring a roughcast plaster facade and feature parapet, and a steel roof with PVC gutters and downpipes. It is part of a Mixed Use development occupying an elevated road front position within the North Harbour Industrial Estate.
The ‘New Brew’ bar and restaurant’s current lease runs for nine years from September 2014 with a six year right of renewal which, if exercised, would give a final expiry date of August 31, 2029. The lease comes with personal guarantees from multiple directors and is currently generating net annual rental income of $123,360 with annual rent reviews based on the increase in the Consumer Price Index.
“The New Brew bar and restaurant benefits from excellent road front exposure to high traffic flows and a good mix of surrounding businesses as well as a substantial, growing residential catchment,” says Geissler.
“It has become a well-established and popular gathering place in this part of Albany and is well geared up to cater for the large number of neigbouring businesses during the working week with its good value express service lunches and its ‘happy hour’ for after-work drinks. During the evenings, it becomes a well frequented meeting place for residents in Albany as well as other parts of the Shore with poker and quiz nights on Mondays and Tuesdays and live bands performing on Fridays and Saturdays.”
An exterior view of 49 William Pickering Drive, Albany, housing the New Brew Bar & Restaurant.
Geissler says the present proprietors have undertaken significant renovations to the premises since taking over the business in 2012, including refurbishing and revitalising the restaurant and creating a new look bar with an extensive selection of beers and wine.
“The restaurant scores highly in online reviews for its quality, good value family-friendly food and this in an important contributor to its excellent patronage.”
The property is located near the Rosedale Rd end of William Pickering Drive which is an arterial thoroughfare connecting Rosedale Rd and Bush Rd which in turn connect with Albany Highway and the Upper Harbour Motorway (Stage Highway 18) which links with the Northern Motorway (State Highway 1).
Unka says the residential suburbs of Brookfield and Bushlands lie about 100 metres to the north while Albany City Centre is within five minutes’ driving time to the north. “The surrounding area has undergone big growth over the past decade and this is likely to continue with extensive development either underway or proposed in the future,” he says.
From left to right, Ashton Geissler, Rajan Unka, and Damian Stephen of Bayleys.
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