North Shore Korean restaurant unit for auction

5:00 AM Wednesday August 3, 2016 Colin Taylor

The unit is one of 18 in a modern complex at 20 Link Drive, Glenfield.

A North Shore commercial property occupied by a well-known Korean restaurant in Wairau Park, Glenfield, is due to go under the hammer later this month.

“The restaurant has been operating from the building since new in 2005,” says Bruce Jiao of Barfoot & Thompson Commercial who, with colleague Gary Seekup, is marketing Unit I at 20 Link Drive for sale by auction at 10am on Thursday August 25 at the agency’s Auckland CBD auction room at 34 Shortland St – unless it sells earlier by negotiation.

The stratum in freehold unit is one of 18 units within a modern complex and earns $132,000 plus GST net per annum from the single tenant Jami Traditional Korean Restaurant.

Jiao says the property includes a ground level and mezzanine floor totalling 451sq m with 382sq m at ground level and 69sq m at mezzanine level.

“The fit-out within the premises is outstanding and has to be inspected to appreciate the professional finish, the detail and functionality which all provide the backbone for quality service. The fit-out is owned by the tenant providing the added surety that the tenant is there to continue with maintaining a successful business,” says Jiao.

The development was constructed in 2004 and the restaurant opened in 2005 following its extensive fit-out. Eight car parks are included in the title within five accessory units and an additional nine car parks are separately leased from the body corporate.

The property is well located in the heart of the large residential catchment of Glenfield and the business use is specified in the lease a restaurant,” Jiao says.

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The restaurant in Wairau Park has an outstanding internal fit-out. 

The lease is for three terms of three years commencing May 2015 and has personal guarantees with a performance bond equivalent to two months rental plus outgoings and GST.

Seekup says the restaurant has built up exceptional business goodwill over the years. “It prides itself on its repeat business with many of the regular customers commuting from afar.” He says the business owner is well known within the restaurant industry sector both here and in Korea.

“This sale represents a first class quality package encompassing the premises, location, presentation, strength of the lease and the business’s historical goodwill. We believe this property will appeal to a great number of investors.

Seekup says the property is zoned Business 9 under the Auckland Council District Plan - Operative North Shore Section 2002 and is zoned Business Mixed Use under the Proposed Auckland Unitary Plan

Link Drive is the main street access through the Wairau Park precinct which is an established large retail and service centre in Glenfield. It includes a wide range of medium to bulk retail outlets, showrooms and services including: Harvey Norman, Placemakers, Noel Lemming, Briscoes, Warehouse Stationary, Danske Mobler, cinemas, bank branches and several restaurants.