The iconic former Post Office which has long housed one of Auckland’s top restaurants has gone up for sale in a coveted location on Auckland’s North Shore.
The Engine Room, consistently rated among the city’s best eateries, has occupied the near-century-old character building in Northcote Point since 2006.
Following a multitude of awards, the restaurant has shown its commitment to the high-profile corner site with a new eight-year lease, returning an annual net rental income of $129,092 plus outgoings and GST.
The lease agreement includes three further four-year rights of renewal and three-yearly market rent reviews.
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The freehold property at 115 Queen Street, Northcote Point, Auckland, is being offered for sale by Alan Haydock, Damien Bullick and Michael Nees of Bayleys Real Estate.
It will go under the hammer at an auction on Wednesday 7 December, unless sold prior.
Haydock said the approximately 250-square metre former post office sat on some 503 square metres of land.
“Originally constructed in 1929 as a post office, the building was in more recent times fully refurbished and extended by Fearon Hay Architects. Its stunning fit-out now provides an elegant restaurant worthy of the tenant’s award-winning cuisine.
“The nearly 200-square metre main restaurant area, plus a smaller office, lower-ground delivery area and outside store are fully leased to the restaurant,” Haydock said.
On-site car parking for six vehicles is available at the rear of the buildings.
Bullick said the fee-simple land underpinning the property was zoned Business – Neighbourhood Centre, providing flexibility and potential for future development.
“This zoning applies to single corner stores or small shopping strips in residential neighbourhoods. It typically, and in the case of the subject property, enables buildings of up to three storeys with residential use permitted at upper floors
“Located directly opposite the site for sale is the Bridgeway Cinema complex, as well as the popular Clarence Rd Eatery. Also nearby is the Stafford Road retail and restaurant strip,” said Bullick.
Nees said the restaurant premises, on the corner of Queen and Bartley streets, were well located to service loyal locals as well as clientele drawn from around Auckland and beyond.
“This position services an established surrounding residential catchment, with convenient access to other affluent North Shore suburbs. Auckland’s CBD is within a 10-minute drive across the Harbour Bridge, via the Northern Motorway which has an onramp just a few minutes from 115 Queen Street,” Nees said.
- Article supplied by Bayleys
