The Parkhouse in Whenuapai delivers on all counts, says LINK Business Brokers’ Jeff Wiley.
“It is profitable, operates under management and from its inception became the main ‘go to’ for its community. It’s a café, restaurant and event facility, purpose-designed for wide appeal and functionality. So it is a very appealing opportunity for a new owner-operator to maximise revenue and continue to build on an established, successful foundation.”
Wiley says the business has weekly sales of $24,685 (inc GST), with cost of goods making up 33.58 per cent and wages, fully managed, at 34.99 per cent generating a surplus to a working owner of $215,000.
A six-year lease has four years to run and there are two rights of renewal, each for four years taking occupancy through to 2031.
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The business operates very smoothly. The new owner can continue to run it under management, bringing in a solid EBITDA profit margin of around 15 per cent. Alternatively, an owner-operator could take over and bring in around $215,000 p.a.. Even better, an owning partnership could run the business and take home approx. $285,000 p.a. based on current numbers.
And there is room for improvement in both purchasing and sales. There has been minimal marketing and significant potential to book more and larger functions in the 100-person venue.
The business has been trading at a consistent $24,000 to 25,000 per week. However, the current owners suggest that a planned marketing programme would increase this significantly. Wiley’s vendor reports a return to very pleasing sales levels following the lifting of pandemic restrictions. The Parkhouse has become very popular in the region as a place for everyone offering a fresh, seasonal menu in a relaxed environment. A well-equipped playground just off the fully enclosed outdoor seating area broadens the appeal and relevance of the venue. Dogs are welcome on the deck too.
There is a well-presented bar, woodfired pizza oven and substantially sized professional kitchen.
“Opportunities like this are hard to come by in the hospitality industry - not easy to get your hands on. The Parkhouse is seen as relevant to its locality, a perfectly positioned all-day eatery in one of the fastest-growing areas of Auckland. With plans for more residential development in the area, this is a good time to own and grow with the community,” says Wiley.
The owners are long-term hospitality professionals and they worked closely with the landlord as the venue, a former farmhouse, was developed to ensure that the finished result would create high customer appeal and operational efficiency. The characterful building was relocated in 2017 to an optimum location at the intersection of Brigham Creek Road (the main road from the NW motorway into Whenuapai) and Totara Road. The owners created an expansive cathedral ceiling for an ideal hospitality environment.
A large, covered loggia was added facing a playground and town park. Very attractive and functional indoor outdoor flow works exceptionally well with bifold doors opening out onto the deck and park.
Professional landscaping added large specimen trees, a delightful landscaped garden, large playground and a 10-car parking bay.
Whenuapai is earmarked as a priority residential growth location with residential development under way directly behind The Parkhouse and a Countdown supermarket opening in two to three years. The Parkhouse has already achieved a good standing in the community and the business is in a very good position to take the opportunities that will come from a growing population.
The investment required is $495,000 which includes tangible assets at $227,869 and intangible assets at $267,131. Stock is additional at approximately $8,000.
