‘Dame of St Heliers’ seeks new owner

4:22 PM Friday April 6, 2018 True Commercial

The well-known St Heliers restaurant Annabelles at 409-411 Tamaki Dr. Photo / Supplied

Better-known restaurants like Annabelles at St Heliers are seldom placed on the market, says ABC broker Dale Truong, who is marketing the business within leased premises for an asking price of $560,000 plus stock worth about $10,000.

Truong says that St Heliers, one of Auckland’s more attractive and affluent seaside suburbs, acts as a magnet for visitors due to its beaches, cafes and views of Rangitoto Island.

“Great establishments at the eastern end of Tamaki Dr tend to be tightly-held and this is particularly true of Annabelles restaurant, which operates in leased premises in one of the best hospitality sites in Auckland,” says Truong.

Truong believes that the location at 409-411 Tamaki Dr is second-to-none, even in the context of Auckland’s coveted Eastern Bays area.

“Annabelles is directly across the road from St Heliers Bay beach, with a north-facing outlook, and the morning sun just beams into the restaurant’s double shop-fronts. Due to its longevity and leadership in areas of both style and great dining, Annabelles really does deserve its unofficial title — The Dame of St Heliers.

“This place has been run by the same owner for the last 20 years — and the fact that she now feels that it’s time to hand over the reins creates an incredible opportunity for somebody new.

“The challenge is to find a buyer with energy and multiple hospitality skills to take a well-known seaside establishment to new heights,” says Truong.

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Directly across from St Heliers Bay beach, the restaurant has seating for 85. Photo / Supplied

“With Auckland’s powerful growth projections in both population and tourists — the future of leading seaside dining locations seems assured; and all the more if, like this one, they have truly become part of Auckland’s dining landscape.”

Truong says the eatery’s sales figures have been steady and strong over the years, generating a healthy profit for its working owner.

Sales for the year ending 2017 were $1,238,458, generating a profit of $169,950 (which factored in the working owner’s contribution).

He sees two options for the new owner or owners — carry on with traditions of the St Heliers landmark and thus ride the wave of its success, or re-invigorate Annabelles restaurant with new ideas and perhaps a makeover.

The establishment makes the most of its superb location, opening Monday to Friday, from 9am till 10pm; with Saturday and Sunday hours being 8.30am till 10pm.

Seating capacity is around 85, with a liquor licence from 8am-11:30pm seven-days-a-week.

The current rent paid by Annabelles is $14,598 including GST per-month on a lease expiring in 2024.

At present there are six full time staff, plus the one working owner and six part-timers, says Truong.

“As I see it the potential is undeniable for a buyer: either stick with a slick operation and earn a healthy income, or utilise an excellent location to make a mark with a new concept on this sought-after foodie strip.