Iconic Number Five building on the market

9:32 AM Wednesday January 21, 2015 Colin Taylor

Elevated view of property for sale at 5 City Rd in the Auckland CBD.

The distinctive three-level brick building housing the well-known restaurants Da Vinci’s and Number 5 at 5 City Rd on Auckland city’s Symonds St rise, has been put on the market.

“This high profile 459 square metre building is divided into two tenancies with long term leases to two successful and long-established businesses,” says Cam Paterson of Barfoot & Thompson Commercial who is marketing the freehold in stratum property for sale by tender closing at 4.30 pm on February 19.

“Construction appears to have been completed between 1900 and 1910 with the building having been well maintained and in good overall condition,” Paterson says. “Building materials comprise brick walls with wooden flooring and a tile roof.

“The structure originally would have been a large residence but it has served for 30 years as a venue for fine dining. The tenancies divide the property tidily with separate access from the street level and via an access way to the west of the main structure.”

Paterson says the total rental earned by the property is $125,000 per annum plus GST and outgoings.

The tenant Platinum Phoenix Ltd, operating as Da Vinci’s restaurant, leases the lower 184.01 sq m area which is mainly occupied by a large open restaurant and bar accessed to the west of the building via stairs leading to a landing area and the restaurant entrance.  

“The main level offers alfresco dining with a pleasant sunny deck which wraps around the majority of the tenancy,” Paterson says. Da Vinci’s was established in 1980 and has a loyal Auckland clientele attracted by its well-priced northern and southern Italian regional dishes.

A six year lease commencing on September 24, 2014 offers two three-year rights of renewal and generates $35,000 per annum in rent.

The larger ground and upper levels of the building total 274.99 sq m and are leased to M. Lutz Limited operating as Number 5 restaurant. The five year lease with three five-year rights of renewal earns $90,000 annually and also commenced on September 24, 2014.  

21.01.15_5 City Rd - exterior view from lower level.jpg

View of 5 City Rd from the lower level looking upward. 

Number 5 restaurant is accessed directly from City Road with the restaurant and bar at street level. The upstairs area is mainly used for corporate and private functions. 

“This business has been operating for several years and has an excellent reputation as a fine dining establishment,” Paterson says.

He says the property has a Category 2 Heritage listing and is situated in the heart of the Auckland’s tertiary education precinct with a prominent position on City Rd which serves as a feeder inner city street between the main CBD arterials of Queen St and Symonds St. arterials.

“The immediate surroundings include some major office accommodation facilities, hotels and residential apartment buildings.  The immediate precinct has been subject to significant growth in recent times and several new residential developments are planned nearby to cater for the increasing demand for accommodation in the area,” Paterson says.

The Auckland Central Area property is designated Strategic Management Area 5 under the council’s operative plan and City Centre under the Proposed Unitary Plan.

Paterson says a wide range of uses are permitted under the SMA 5 zoning including commercial and residential. Some basic controls under the zoning are a height of 50 metres, a basic site intensity of four-to-one and a maximum of site intensity of six-to-one.

“Under the Proposed Unitary Plan, the City Centre zoning is at the top of the hierarchy and is designed to play a pivotal role in Auckland’s present and future success.

“The development controls that apply under the current operative plan are generally similar under the Unitary Plan as they apply to height, building in relation to boundary, streetscape improvement and outlook with the plan placing greater emphasis on urban design considerations.

“In terms of activities accommodation, retail and offices are a permitted activity.”

Paterson says the building has been given a seismic rating of 31 per cent of New Build Standard (NBS) but the owner has obtained an engineering report from Seismic Performance Limited outlining works required to improve the building to 70 per cent of NBS.

“This is well beyond the statutory requirement of 34 per cent NBS with 15 years,” he says.   “The report gives a preliminary cost estimate of $250,000 to $300,000 for the improvements and a copy of this report with plans and budget is available on request.” 

21.01.15_Cam Paterson, B&T Commercial.jpg

Cam Paterson of Barfoot & Thompson Commercial.

What’s on offer?

The property: Three level historic CBD brick building

Location: 5 City Road

Agency: Barfoot & Thompson Commercial

Sales method: Tenders closing 4.30 pm on February 19.

Features:

  •          Leased to two popular and established restaurants.
  •          Generates annual rent of $125,000.
  •          Freehold in stratum.
  •          In heart of tertiary education precinct.
  •          Seismic report for building improvement to 70 per cent of NBS.

 For more information on this property visit:
TrueCommercial.co.nz