Popular Thai eatery has 14 years of goodwill
Interior of the Suwan Thai restaurant at 70 Grand Drive, Orewa.
Two adjoining units in a modern commercial complex on the main road into Orewa, one of which accommodates a long-established restaurant, are for sale, offering opportunities for both owner occupiers and investors.
Located at 70 Grand Drive, Orewa, the two units, totalling 387sq m, are part of the Grand Drive Centre, a boutique commercial complex built in 2002. The vendor has been operating the Suwan Thai restaurant out of the larger 268sq m Unit G since the centre opened while 119sq m Unit H is a lounge bar linked to the restaurant, with nine licensed gaming machines.
“The owners have put their heart and soul into this property and have built up a very successful restaurant business over the past 14 years. They are selling due to their relocation overseas,” says marketing agent Mustan Bagasra for Bayleys Orewa office.
The two interconnected units are for sale as one lot and are among a dozen properties that will go up for auction on July 6, unless sold prior, as part of Bayleys’ latest Total Property portfolio.
The property is being offered for sale with vacant possession and Bagasra says it represents a very good opportunity for another restaurateur or to secure a well-established, quality restaurant and capitalise on 14 years of goodwill in a high-growth suburb. Alternatively, it could appeal to a migrant seeking to obtain a business visa or an investor looking for an add value opportunity who could split the units into two separate entities to maximise the rental return.
Bagasra says the premises are immaculately presented with quality restaurant chattels included in the sale. There are also two air-conditioning units, a heat pump, a high-quality commercial kitchen with appliances, two separate offices, four bathrooms and a storage area, with a rear door leading to the service area and loading dock.
An aerial view depicting building occupied by Suwan Thai restaurant with location indicated in red.
“The restaurant has one of the largest seating capacities in the area, able to cater for more than 100 patrons, and consequently attracts larger family and corporate functions throughout the year from as far away as Albany and Warkworth. There would be an opportunity to increase its opening hours and move to a seven-days-a-week operation to maximise the use of the facility.
“The property could suit any kind of cuisine if the new owners want to add their own ideas. It has a very versatile layout with five entry points and a wrap around, wide window frontage. It could therefore easily be split into a combination of food and beverage outlets to take full advantage of the property’s size and location.
“The gaming machines generate a good level of income besides bringing in patronage, however, they could be removed if required and replaced with a cafe or dessert destination or ice cream parlour working in combination with a main restaurant. The two units could also be combined into a large family restaurant providing a wider cuisine or to increase the property’s appeal as a function centre. The existing facility is well set up for a smooth transition to whatever venture the new owner should decide upon, with food, liquor and gaming licences in place and the vendor’s assistance available until settlement.”
Bagasra says the property is well positioned to benefit from continuing growth in the expanding surrounding townships of Orewa, Silverdale and Millwater. “The Grand Drive Centre is strategically located close to the entry/exit point from the Northern Motorway. The highly visible site has easy access to over 70 on-site car parks and services not only the fast-growing surrounding population but also passing traffic travelling along the main arterial road in and out of Orewa.”
A Caltex Service station is the centre’s cornerstone tenant and there are nine other units leased by complementary retail and service businesses including a liquor store, dairy, fruit and vege store and cafe. Bagasra says nearby Orewa Primary School also provides a lot of patronage.