Investors are heading for the bar as the property housing a well-known Blenheim gastropub goes up for sale.
The Good Home Marlborough has been part of the central Blenheim hospitality scene for around eight years. In the heart of the country’s top wine region, the Queen Street venue is a popular spot for dinner, drinks and entertainment – including performances in the recent Southern Jam Youth Jazz Festival.
Good Home Marlborough’s position in the town centre gives it excellent exposure to busy foot and vehicle traffic, allowing it to build up a strong following among locals and visitors.
The property is now being offered to buyers with a new four-year lease to the Good Home’s operators, plus one further four-year right of renewal.
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This will generate an annual net rental return of $100,000 plus outgoings and GST, rising to $125,000 plus outgoings and GST from 29 July 2025.
The property at 70 Queen Street, Blenheim, is being marketed for sale through Glenn Dick and Jake Arnesen of Bayleys Marlborough.
It is being offered by way of a deadline sale closing on Wednesday 11 September.
The approximately 270-square-metre unit-titled property encompasses a commercial kitchen, bar and seating area and courtyard, plus three dedicated car parks behind the building.
“Originally constructed in the 1950s, this property underwent a full refurbishment in 2018 and is in excellent condition,” Dick said.
The building is well maintained and presented and has been seismically upgraded to an Initial Evaluation Procedure rating of 67 percent of new building standard.
“With its vibrant atmosphere, loyal local following and central position, this property promises strong tenant retention and consistent returns.
“Its excellent town-centre street frontage and profile make this a highly desirable spot for any retail or hospitality venture – as well as offering great signage opportunities,” said Dick.
Arnesen said the Queen Street site benefited from flexible planning provisions as part of the Business 1 zone under Marlborough’s district plan.
“This allows for a multitude of activities, ranging from its current use as a popular hospitality venue to future possibilities such as retail, office, accommodation or entertainment.
“Occupiers here enjoy the advantages afforded by the property’s proximity to a wide variety of shops and town amenities.
“Trading is also supported by the availability of convenient on-street parking for customers on Maxwell Road, Queen and George streets, in addition to the three on-site parking spaces,” Arnesen said.
- Supplied by Bayleys
