A flagship bar in Pukekohe has been put on the market for sale.
Ed Street Bar is on a large corner site in the middle of the town and is surrounded by all the major retail brands.
There is ample parking – this bar has it all, says Brock Sibbick of ABC Business Sales.
“Formerly the old Pukekohe Fire Brigade Station, built in 1924, Ed Street’s design is a tribute to the historical nature of the building.
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“The owners have retained the character of this iconic historical landmark to make this popular eatery a unique destination for locals and visitors.”
With current average sales of over $50,00 (including GST) a week, and being operated fully managed, this will be a smooth and simple transition for a buyer, says Sibbick.
Pukekohe and the surrounding areas are going through a housing boom, leaving the bar well positioned for future growth.
The vendor owns other hospitality businesses and is looking to simplify his life so he can enjoy more time with his wife travelling the world, Sibbick says.
The current manager, however, is highly skilled and runs the day to day operation.
“The owner has done an exceptional job with this site and his attention to detail is evident throughout with a stunning fit out that is well maintained.”
Ed Street has 18 onsite carparks, providing customers with a hassle-free entry to the bar.
The 18 gaming machines return a very good GMP for the business, and the rent-to-turnover ratio sits in the hospitality sweet spot of just eight per cent, Sibbick says.
The business also has a long and secure lease with exceptional landlords through to 2028.
“These features all lead to an impressive three-year weighted EBITDA of $354,000 operating as fully managed bar.”
Sibbick says there is very little to fault. There’s huge capacity for punters, a stunning room for functions and a great team of staff, all of which contributes towards very clean, bank-friendly financials.
“This is a fantastic acquisition for any astute hospitality operator as the current owner has restored this beautiful building back to its former glory and there are also a lot of expenses that could be added back to the bottom line by combining it with a multi-site operation.”
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