One of New Zealand most instantly recognisable road stop cafes has been placed on the market for sale.
The building that houses the L&P Café Bar and Brasserie at 2 Seymour Street in Paeroa, Waikato, is to be auctioned on September 17 through Bayleys Tauranga and Bayleys Hamilton.
The cafe features an imposing L&P bottle outside - one of two such shrines to the classic New Zealand soft-drink in Paeroa – and is illuminated at night by two powerful spotlights.
The property for sale has three tenancies:
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• The L&P Cafe, Bar and Brasserie on a lease running through to 2023 with a further three-year right of renewal, generating a rental income of $54,365 plus GST;
• Carpet and vinyl retailer Flooring Design on a lease running through to 2022 with three further three-year rights of renewal, generating a rental income of $40,000 plus GST; and
• Two digital billboards, which will be operated by marketing company Globox on a lease generating a rental income of $25,000 plus GST.
Bayleys agents Jo Stewart and Josh Smith said the 2,546sqm corner site and 445sqm building had huge profile, sitting on the northern entrance to the town’s central business district on State Highway Two.
Smith said the L&P Café Bar and Brasserie was a popular stop-off for bus groups, tourists and travellers and had undergone an extensive refurbishment in 2015.
Stewart said that a pair of six-metre wide by three-metre high digital billboards were currently being installed above the building. One will face towards Seymour Street while the other will broadcast advertising over State Highway Two.
