The land and building housing a popular sports bar run by one of provincial New Zealand’s longest-operating hospitality enterprises have been placed on the market for sale.
The freehold property at 91 Jellicoe Street, in the Bay of Plenty horticultural service town of Te Puke, houses Stadium Sports Bar run by Whakatane-based BOP Brewery Limited.
The BOP Brewery company has run a number of bars in the Bay of Plenty over the past 25 years – such as The Rising Tide in Mount Maunganui - as well as making an extensive range of alcoholic beverages – including beers, ciders and ready-to-drink blends.
The single-storey concrete Stadium Sports Bar building in Jellicoe Street has a high-profile street frontage and off-street parking.
The Jellicoe Street property generates annual net rental income of $35,820 plus outgoings and GST per annum. The current lease runs to 2023, with two further rights of renewal for six years and three years respectively. The lease incorporates built-in market rental reviews every two years.
The land and building at 91 Jellicoe Street are now being marketed for sale by Bayleys Hamilton. Salesperson Josh Smith said the premises had a floor area of approximately 230 square metres on 731 square metres of freehold land, including 20 car parks at the rear of the building. The building also encompasses a gaming lounge.
“Jellicoe Street is the main route in to and out of Te Puke’s town centre, and the site offers profile visibility to both pedestrian and vehicle traffic,” Mr Smith said.
The premises are zoned Commercial under Western Bay of Plenty District Council’s district plan - allowing for a wide range of activities including retailing, commercial offices, restaurants and takeaway food outlets, accommodation and medical facilities.
Neighbouring businesses in Te Puke’s town centre were predominantly engaged in commercial, retail and professional service activities, said Mr Smith. Those included retail brands such as KFC, Subway, Countdown and New World, as well as BP and Z service stations, he said.
“The growing town of Te Puke is recognised as the country’s ‘horticulture capital’ and its local economy is underpinned by the numerous lifestyle blocks, kiwifruit orchards and dairy farms in the surrounding areas. These primary industries are a mainstay of the New Zealand economy – and are well positioned to maintain their strong performance in the rapidly-evolving environment shaped by Covid-19,” Mr Smith said.
“As a key service town supporting these activities, Te Puke has continued to grow and prosper. The town’s population swelled by 18 percent between the censuses held in 2013 and 2018, and is now poised to top 10,000.”
Mr Smith said the local economy was further supported by the town’s easy access to provincial centres including Tauranga, Mount Maunganui, Rotorua and Whakatane.
“Te Puke is less than a two-hour drive from Hamilton, three hours from Auckland and half an hour from New Zealand’s busiest port at Tauranga – meaning the town benefits from the growing economic activity associated with the ‘Golden Triangle’ zone linking those three centres.
“Underpinned by these strong regional dynamics, commercial real estate in Te Puke’s town centre is increasingly attracting the attention of investors seeking new opportunities in an already-popular location,” Mr Smith said.