Tasting Shed a sweet possibility

10:00 AM Wednesday August 12, 2015 Colin Taylor

An aerial view of property for sale at 609 State Highway 16, Huapai.

A high profile property housing the well-known The Tasting Shed restaurant and function centre is for sale in the fast growing Kumeu-Huapai area northwest of Auckland city.

“With a new six year lease to a very successful restaurant, this property is an excellent investment opportunity,” says Dwayne Warby of Colliers International who, with colleague Chris Upright, is marketing the land and buildings at 609 State Highway 16, Huapai, for sale by deadline private treaty closing on August 26, unless it sells earlier by negotiation.

“Due to the popularity of the restaurant and its prominent location on State Highway 16, we expect high levels of inquiry from potential buyers,” Warby says.

The 5663 sq m site which generates net annual rental income of $95,020 fronts the State Highway and is adjacent to Cooper’s Creek winery. The property encompasses a four bedroom bungalow with a periodic tenancy agreement in place that earns an additional $28,660 a year.

Upright says The Tasting Shed, run by a husband and wife team, has been well patronised following its opening in 2011 and is very well known to Aucklanders. “It is a favourite stopover for day trippers to the area, as well as with locals. The Tasting Shed has been featured frequently in local and international media and has won several awards, including accolades from Cuisine and Metro magazines.”

The restaurant building was constructed in 2010 and has capacity for 60 patrons. The 313 sq m building area includes a 100 sq m deck and incorporates kitchen, bar and dining room areas. The restaurant is surrounded by landscaped gardens.

Upright says the Tasting Shed will take a new six year lease to the property on settlement, with rights of renewal for two further six-year terms giving a potential final lease expiry of October 2033. Probable income growth is also provided for with bi-annual rent reviews linked to the Consumer Price Index and market rent reviews at lease renewal dates.

The 175 sq m bungalow sits to the rear of the site and an upgrade in 2010 included fitting a new kitchen along with floor and ceiling insulation. The bathroom was refurbished in 2013.

Warby says the inclusion of the house with the property sale gives buyers flexible options. “The purchaser could elect to occupy the house and live on site, or continue the current tenancy arrangement which generates an additional income stream to the restaurant tenancy.”

Upright says Auckland Council has identified the Kumeu-Huapai area as a key regional growth node in the Proposed Auckland Unitary Plan (PAUP).

“As such, the council is investing heavily in the northwest region to facilitate its development as a commercial centre to support Auckland's growing population as it expands westward,” he says.

“Historically a rural service centre, the area is now very popular as a lifestyle residential locality and weekend leisure destination, with a number of businesses including wineries, restaurants and cafes having popped up.”

Warby says the property sits on Rural zoned land, but the area is earmarked to become Future Urban zoned under the PAUP, Warby says.

“The Future Urban zone recognises this locality’s status as a strategic growth area. Kumeu and Huapai have been attracting the attention of commercial and residential developers for some years now, and this is expected to increase. One of the key reasons for increased attention on this area is its excellent transport links via State Highway 16.”

The highway links to Auckland’s western ring route, providing access to two major developing town centres – Albany and Westgate – within a 15 minute drive of Kumeu-Huapai.

“The western ring route is a key transport link which is helping transform this area from a sleepy rural and lifestyle locality into a new suburb of greater Auckland,” Warby says.

“No more accessible, the Kumeu-Huapai area is firmly on the radars of developers, owner-occupiers and investors,” Warby says. “Many businesses and residents have realised the attractiveness and convenience of the northwest as an ideal location for commerce and lifestyle, resulting in the area becoming a popular centre of population and business growth.

“With the completion of the Waterview Connection project, businesses and residents in the Kumeu-Huapai area will have a seamless motorway connection all the way south to Manukau and the airport - so there is no time like the present to acquire significant investment properties in the area like this one.”

Upright points out that Kumeu now has a major supermarket with other commercial premises and subdivisions locating between Westgate and Kumeu.

“Residents in the area now have excellent amenities including a number of boutique restaurants and shops in Kumeu-Huapai, the shopping mall, community and recreational facilities, and a large-format retail centre being developed at nearby Westgate.” 

What’s on offer?

The property: Land and buildings housing The Tasting Shed restaurant.

Location: 609 State Highway 16, Huapai.

Agency: Colliers International.

Sales method: Deadline private treaty closing August 26.

Features:

  • High profile location fronting State Highway.
  • Annual rent of $123,680 from restaurant and a house.
  • A new six year lease signed for the property on settlement.
  • Rights of renewal give potential final lease expiry of October 2033.
  • In a high growth area with improving motorway access.

Dwayne, Chris.jpg

Dwayne Warby & Chris Upright of Colliers International.

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