Investments with a view in the Viaduct Harbour
O’Hagan’s pub at 103 Customs St West, Auckland.
A building occupied by one of Viaduct Harbour’s longest established taverns, O’ Hagans Irish Pub, and an office floor tenanted by a boutique law firm are two investment properties in Auckland’s popular Viaduct precinct which feature in Bayleys’ latest Total Property portfolio.
The two-level bar and restaurant on a 395 sq m site at 103 Customs Street West is fully leased to O´Hagans Irish Pub and is producing net annual rental income of $168,279 plus GST, with the tenant paying all outgoings including the ground rental payable on the property’s leasehold tenure.
“The building only, and not the business, is for sale,” says Damien Bullick of Bayleys Auckland who, with colleague Alan Haydock, is marketing the property by tender closing December 2 unless it sells earlier by negotiation.
“The property comes with a 16 year lease in place until December 2017 at which point O’Hagans has the option to exercise one five-year right of renewal,” Bullick says.
“This popular pub is located in a premium Viaduct Harbour location with views across the courtyard in front of the property out to the inner Viaduct Harbour and the impressive line up of boats moored there. It also benefits from a good pedestrian flow across the courtyard between Customs Street and the busy waterfront area. The precinct is populated by some of Auckland’s most frequented restaurants and bars and is also surrounded by various high profile corporate neighbours,” Bullick says.
Elevated view of O’Hagan’s pub showing Viaduct location.
“The location has certainly worked for O´Hagans which has occupied the building since 2001 and is considered to be one of the most established and proven hospitality providers in the Viaduct precinct. O’Hagans is a popular ‘go-to’ venue for many CBD workers and residents, as well as being visited by numerous tourists and visitors to Auckland who gravitate to the Viaduct and its food and beverage outlets because of its superb waterfront hospitality location.”
O’Hagan’s features an extensive display of Irish memorabilia and carries a wide range of Irish, international and New Zealand drinks. Its menu encompasses traditional, authentic Irish fare as well as modern Kiwi-styled dishes, with a full breakfast, lunch and dinner menu, as well as platter and finger food options.
It has built up a good private function business because of the flexibility provided by its main bar, side bar and beer garden areas which have the capacity to cater for between 40 and 120 guests. The tavern also offers an external food catering service for from 15 to 300 people and can provide waitress and table dressing services as well.
The pub stages a number of events tied into to sporting fixtures such as All Black tests and the Melbourne Cup. It also has TAB machines on site which are available for casual use and are incorporated into events that it runs.
View from balcony of office floor for sale at 16 Viaduct Harbour Avenue.
Also up for tender, closing December 3, through Bullick and Haydock is a nearby 425 sq m office floor at 16 Viaduct Harbour Avenue.
“This offering comprises a modern, full office floor that has been occupied by its current tenant since the building was completed nearly 15 years ago,” says Bullick.
The leasehold property is producing net annual rental income of $86,203 plus GST from its current six year lease from 2013 to Burton & Co, a boutique commercial law firm established in 1989 by Nigel Burton who had previously worked for a large Auckland law firm. The firm, which focuses on commercial law and commercial property, now has six partners and a team of experienced lawyers, legal executives and support staff and moved into its present premises in December 1999.
Meeting room within 16 Viaduct Harbour Avenue.
Their unit titled office floor is located on level three of a six level building and has spectacular, elevated views across the inner Viaduct Harbour and of the landscaped grounds which surround the building, says Bullick. “The floor for sale is immaculately presented and very well maintained and is located in an enclave of modern buildings that have attracted a range of high profile tenants such as Vodafone, KPMG, Bayleys, Pernod Ricard and Microsoft, and is directly across the road from the Sofitel 5-star Hotel.
“The appealing waterfront location is close to motorway arterials and is within 10 minutes’ walk to the BritomartTransport Centre and the Downtown Ferry Terminal. It is also within walking distance of North Wharf and the Wynyard Quarter Precinct and Queen Street.”
Damien Bullick agent with Bayleys Auckland.