The land and buildings of popular Northcote Point restaurant The Engine Room are for sale, offering buyers the opportunity to purchase a prime passive investment in a sought-after location.
Sitting on a highly visible corner site at 115 Queen Street, Northcote Point, the property offers 251sq m of total net lettable area on 503sq m of freehold land that is zoned Business – Neighbourhood Centre under the Auckland Unitary Plan.
In operation for more than 15 years, The Engine Room consistently features in annual lists of top Auckland restaurants and the occupants recently agreed to a new eight-year lease with further rights of renewal and regular market rent reviews. The annual rental income for the property is $129,092 plus GST.
Located in the tightly held Northcote Point commercial precinct, the building is surrounded by complementary hospitality offerings and the Bridgeway Cinema. It also offers six dedicated car parks for patrons.
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Colliers Directors Shoneet Chand and Matt Prentice have been appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 24 August, unless sold prior.
The building was the Northcote Point Post Office from approximately 1929.
The Engine Room was established in 2006 and the current tenants have overseen an extension and exquisite fit-out of the property.
The refurbishment was designed by Fearon Hay Architects and the building comprises 199sq m of restaurant space, including a full bar and kitchen, a 24sq m office, a 24sq m lower ground delivery area, and outside storage space.
There is pedestrian access from both Queen Street and Bartley Street, with the main entrance accessed from Bartley Street.
The main restaurant space is open plan, being of an L-shape and extending along both street frontages.
Chand, Director of Investment Sales at Colliers, says this is a rare opportunity to own a building that is home to one of the city’s most acclaimed eateries.
“With an established occupant, the property offers buyers a strong tenant covenant at a site that is incredibly popular and well-known across Auckland,” Chand says.
“There will be consistent rental growth for the new owner with three-yearly market rent reviews, while the long-term nature of the lease provides four further rights of renewal for four years each leading to a final expiry of 31 May 2046.”
Prentice, Director of Sales and Leasing at Colliers, says the property’s location makes it a standout purchasing opportunity.
“Northcote Point is an affluent suburb on Auckland’s North Shore located just 4km from the CBD. Access to the CBD is via the Auckland Harbour Bridge or ferry from the Northcote Point Wharf,” Prentice says.
“Situated on a prominent corner site, the property enjoys great exposure to the passing traffic. It is also strategically located being close to State Highway 1, main arterials, and an abundance of local amenities.
“Queen Street is the main route that connects residents in Northcote Point to Onewa Road and State Highway 1, providing easy access to the motorway both north and south. Other nearby suburbs include Birkenhead, Hauraki, Hillcrest, Takapuna, Milford, and Northcote. Northcote Point benefits from some of Auckland’s best views of the Waitemata Harbour and CBD.”
The Business – Neighbourhood Centre Zone applies to single corner stores or small shopping strips located in residential neighbourhoods. These properties provide residents and passers-by with frequent retail and commercial service needs.
- Article supplied by Colliers
