Investors have the chance to buy a hospitality venue near Manukau’s number one visitor destination, the Vodafone Events Centre and soon to be built white water facility, Wero.
Located at 11/792 Great South Road, the O’Ryans Bar and Restaurant is an Irish style tavern, with panoramic views of the complex.
The property is being marketed by Peter King-Turner of NAI Harcourts. King-Turner says it is a fantastic opportunity to purchase a strategically located property with an established long-term tenant.
Already a popular destination due to the proximity of the Vodafone Centre, Wero is expected to bring large numbers of visitors to the area.
Stage one of Wero, for which ground work has already started, will include River Rush and the Tamariki River.
River Rush is an artificial white water river for recreational rafters and kayakers, and is expected to attract international televised events and provide a training base for our Olympic team.
The Tamariki River is a water course that will be used by school groups and others to provide an introduction to rafting and kayaking.
Eventually an art gallery, café and interactive exhibition halls are also planned for Wero.
Just minutes away, 11/792 Great South Road is set off the main road in the small shopping complex behind Lone Star and adjacent to the Vodafone Events Centre and Wero site.
The freehold title covers 547.5sqm with a deck of approximately 201sqm. Its rateable value is $1.625 million, comprised of $770,000 land value and $855,000 improvements. The rates levied for the year 2013/2014 were $15,501.69.
The quality designed tavern has a well-appointed floor layout with several different bar areas and meeting rooms, kitchen and cool storage room.
The modern and spacious building has expansive indoor/outdoor flow with decks looking across the Wero site.
There are plenty of car parks available and it lies just minutes from the southern motorway.
Tenanted by Tasmin Pacific Trading Limited, the tavern is known for its friendly and vibrant atmosphere. The tenant has a 10 year lease (commenced July 2010), with two rights of renewal of six years each and a final expiry date of 2032.
The current rent is $144,000 per annum plus GST, or 10% of the turnover – whichever is greater. All outgoings are paid by the tenant.
The permissible use for the property is as a public tavern, restaurant and bar (including gaming machines).
King-Turner says as well as the huge number of additional visitors numbers expected when Wero is operational, there is also a large commercial project underway nearby.
Sleepyhead has purchased a 9.2-hectare site next to the Vodafone Events Centre to build its $45 million state-of-the-art 40,000m² manufacturing, warehouse and distribution centre. It is planned to be operational by 2017.
Sleepyhead Joint Managing Director Craig Turner said the investment will create new jobs and bring together its existing 400-strong workforce from the company’s Otahuhu and Avondale operations.
The investment is expected to create an important manufacturing hub in the area providing local jobs during development and long-term manufacturing jobs for Aucklanders into the future.
The Sleepyhead site is minutes from the property being offered up for sale.
King-Turner says the increased traffic will benefit O’Ryans Bar and Restaurant, with demand expected for the tavern’s services from Sleepyhead workers.
“The combination of the Vodafone Events Centre, the Wero development and Sleepyhead making the vicinity the centre for their Australasian operations, 11/792 Great South Road is an opportunity to take advantage of the huge growth in the area.
“When you stand on the decks and look out to where the Wero rivers will run, you can see this is one of the best locations for a tavern in Manukau,” King-Turner says.
11/792 Great South Road is being offered up for sale by auction at 2.30pm on Thursday 22 May (if not sold prior) at the Harcourts Auction Rooms, 9 Sharkey Street, Manukau.