CBD restaurant site whets investor appetite

The premises housing a popular Chinese Restaurant are for sale offering a tasty chance to secure a quality hospitality investment in the heart of Auckland’s CBD.

The versatile hospitality property occupies the ground floor of a large multi-storey office tower whose overall block has frontages to Queen Street, Wellesley Street East and Lorne Street. The restaurant tenancy itself features extensive glass frontage facing Lorne Street and Wellesley Street East only.

The approximately 95-square-metre premises for sale are fully leased to Best Chef, an established restaurant operator with a loyal customer base and a 4.8 Google rating.

The property generates a net rental return of $86,739 plus outgoings and GST per annum, on a lease that runs through to November 2029.

New owners will have an opportunity to generate a supplementary advertising revenue from commercial billboard signage atop the high-rise building with standout visibility on Queen Street (subject to relevant agreements and regulatory requirements).

The units housing the restaurant and billboard at M2, C7 and C8/300 Queen Street, also known as 44 Lorne Street, will go under the hammer at an auction on Wednesday 9 September. The sale is being marketed by Millie Liang, of Bayleys Auckland Central.

“On offer is the chance to secure a robust CBD hospitality investment featuring a long-standing, reputable restaurant tenant within Auckland’s busiest central dining district,” Liang says.

“Occupying prime ground-floor space within a landmark building, this fully tenanted asset will deliver new owners immediate, guaranteed rental income.”

The smart City Centre-zoned property features a versatile layout, making it suitable for hospitality or retail use, supporting wide ongoing tenant appeal, Liang says.

“The commercial billboard signage represents an excellent potential opportunity to add value.

“Positioned on a high-rise building in the city centre, the billboard enjoys outstanding exposure to pedestrians and vehicles along a lengthy stretch of Queen Street, maximising the potential to further boost total asset returns with advertising income.

“Underpinning all of this is a prime CBD location with prominent street-front visibility, heavy daily foot traffic, and immediate proximity to major corporate office towers, tertiary education campuses, premium hotels, and flagship retail destinations.

“This strategic positioning, combined with a proven tenant, and the limited availability of quality city-centre retail investments, mark this property out as an outstanding opportunity to acquire a secure income-producing asset with potential for future revenue growth,” says Liang.