The character building housing the longstanding Freemans Bay institution, the Cavalier Tavern, is for sale.
Fondly known as ‘The Cav’, this landmark property is positioned on the corner of College Hill and Wood St, approximately 250m from the Ponsonby Rd-Three Lamps intersection.
As such, “it enjoys pride of place and is surrounded by some of Auckland’s most affluent city-fringe suburbs,” says Barfoot & Thompson Commercial sales manager, Cam Paterson, who is marketing the freehold premises.
68 College Hill, Freemans Bay, is for sale by deadline private treaty closing at 3pm, 27 October unless sold prior.
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“It’s a rare find,” Paterson says. “Not only is the building a stand-out, classed heritage and historically significant, but it’s sited on a prime 1088sq m, high-profile freehold corner site with excellent street frontage onto College Hill.
“This is right in the heart of one of the city’s most sought-after areas with incredible convenience and high volumes of through traffic.”
College Hill is a main arterial route providing access to and from downtown Auckland, only 1.5km from Ponsonby, St Marys Bay and Herne Bay. Residents from popular suburbs such as Westmere, West Lynn and Coxs Bay also transit via College Hill.
Motorway access is particularly good, with the closest ramps at Curran, Wellington and Fanshawe streets.
“On top of the location, prospective investors will appreciate the security of having an established tenant with a protracted commitment to the site,” Paterson says.
“The entire premises is rented to a highly successful, long-term hospitality operation, whose current lease term is 12 years with three-yearly rent reviews in place.”
The contract rental is currently returning $210,000 plus GST and outgoings a year, and there is a review due on April 1, 2023.
“The property dates back to the late 1800s and has an Historic Heritage and Special Character designation,” says Paterson.
“It has always been a public house, originally known as The Suffolk Arms, and then at some point the name was changed to The Cavalier.
“Of course it’s had few facelifts over the years,” he says. “However original features such as the stables, cobblestone, wood-fired kitchen and the old gas lamp over the corner entrance are still in place. It is your classic, expansive, three-storeyed Victorian pub/villa. They don’t make them like this anymore.”
The property holds current liquor and gaming licences and a Build Warrant of Fitness consent, all of which would be difficult to obtain for a new building. The property has recently had significant improvements and renovations to appeal to modern customers, with excellent results.
The basement level is accessed off the driveway and consists of refrigeration, an office area and general storage.
There is an internal stairway to the main ground floor, which allows public access from street level, and also via a stairwell from the 10-vehicle carpark.
This level includes the main bar area, decking, gaming room and bathrooms. The space is large and open, with excellent natural light and an inviting atmosphere.
The decking offers great views back to the city and makes for an eyecatching backdrop, especially in the evening.
The upper level, accessed through the ground floor, used to be a self-contained apartment. It is divided into four rooms with bathroom facilities and is being used as office space.
The Cavalier sits within the Residential Single House Zone, which is typical of locations such as Freemans Bay, with significant older residential dwellings. Surrounding properties show the variance in the zoning types, with offices and apartments, a large-format supermarket and intensive retail all within 500m.
“This property is likely to appeal to savvy investors who are looking for the X-factor, with the added bonus of a strategic inner-city presence and a long-term tenant in place,” Paterson says.
— Supplied by Barfoot & Thompson
