A well-known local pub in Rothesay Bay on Auckland’s North Shore is being offered to the market for sale for the first time in 24 years, presenting prospective purchasers with a multitude of options.
Located at 577 Beach Road, Rothesay Bay, the British Isles Inn has 292sq m of building area on a high-profile corner site that spans 739sq m.
The property is zoned Business – Neighbourhood Centre Zone under the Auckland Unitary Plan and this designation means it could be developed for an array of uses.
The existing building, which includes residential accommodation on the first floor, sits high on the ridge of the suburb, providing outstanding views to the surrounding area.
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Owner-occupiers, investors, and developers will all likely have a keen eye on this property given the potential on offer in this prime location.
Colliers Brokers Janet Marshall and Mike Ryan have been exclusively appointed to market the property for sale and are taking expressions of interest with the deadline for offers closing at 4pm on Tuesday 19 March, unless sold prior.
Marshall, Director of Sales and Leasing at Colliers, says this site is ready for the next chapter in its story and it could include an apartment development, an owner-occupier taking over the pub, or an investor purchasing the property and arranging a new lease with the current occupants.
“The beauty of this offering lies in its zoning as the Business – Neighbourhood Centre Zone applies to single corner stores or small shopping strips located in residential neighbourhoods.
"They provide residents and passers-by with frequent retail and commercial service needs,” Marshall says.
“Provisions typically enable buildings of up to three storeys high and residential use at upper floors is permitted. However, the neighbouring apartment development has been consented for more than three storeys.
"Development is expected to be in keeping with the surrounding residential environment. New development within the zone requires assessment in order to ensure that is designed to a high standard which enhances the quality of streets within the area and public open spaces.
“Alternatively, the new owner may choose to acquire the property as a passive investment and renegotiate a lease allowing the bar to continue its operations.”
The subject property is well positioned and benefits from the surrounding local retail shops and restaurants that draw people to the precinct. If a residential development was to be constructed there would be a wide range of amenities for future occupants on the doorstep.
Ryan, Sales and Leasing Broker at Colliers, says the property benefits from an easterly aspect and sea views with the Murrays and Rothesay Bay beaches in walking distance.
“Data from the Real Estate Institute of New Zealand, notes that sales of residential property in Rothesay Bay over the past year have generated a median sale price of $1,585,000, indicating the affluency of the surrounding catchment of residents,” Ryan says.
“This also points to strong demand for property in the area, which is tightly held.”
- Supplied by Colliers
