Landmark Horse & Trap a stable investment

5:00 AM Saturday July 15, 2017 Colin Taylor

The popular Horse & Trap Tavern at 3 Enfield St, Mt Eden. Photo / Supplied

Mt Eden’s landmark Horse & Trap Tavern and an adjoining site with resource consent for a seven-level apartment building are for sale. 

The two properties located at 1 and 3 Enfield St, and set among a growing enclave of substantial residential apartment complexes, are for by sale by tender closing 4pm, Wednesday August 2, unless sold earlier by negotiation through Alan Haydock and Damien Bullick of Bayleys Auckland City & Fringe division.

The larger of the two offerings on a 938sq m Mixed Use zoned site at 3 Enfield St encompasses the three-level character building containing the Horse & Trap bar, restaurant and function venue.

The property is generating $260,000 in net annual rental income from a 15-year lease to the current Horse & Trap operator which runs until 2030 with four rights of renewal. If exercised, these would take the tenancy through to 2050.

Haydock says the building has been seismically strengthened and significantly upgraded by the present owner. “It has been beautifully refurbished both internally and externally and is in immaculate condition. It’s a well-established local bar and dining destination, in addition to being a popular function venue.”  
The building dates back to 1914 when a store for W & G Winstone carriers and coal merchants was erected at a cost of £1400. A collection of buildings, including horse stables, dotted the site through to Mt Eden Road.

In the late 1930s, Tasti Products, a crystallised fruit manufacturer, moved onto the property and remained for a further four decades. In the early 1990s, the building was converted to its current use as the Horse & Trap bar and restaurant and more latterly as a function venue as well.

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The Loft contains character features like exposed wooden beam ceilings and brick walls. Photo / Supplied

The lower level of the building, on a sloping site, accommodates The Stables secondary bar area which is used mainly for private functions.  It is connected to a 117sq m outdoor courtyard and can cater for indoor and outdoor functions for up to 200 people. The Horse & Trap’s commercial kitchen is also located on this level.

The main bar and dining area is accessed through the front door off Enfield St and provides a variety of seating options along with a large north facing deck. “This serves a wide range of craft beers and is particularly well known for its popular Tuesday quiz nights which have been held for the past 12 years,” says Bullick.  

Another bar and dining area, also used predominantly for private functions, is located on the building’s top level. Known as The Loft, with character features such as striking exposed wooden beam ceilings and brick walls, it is primarily set up for morning corporate functions with a lunch option. It can accommodate up to 80 theatre-style, 60 in a work group or classroom setting and 25 people boardroom-style. Also located on this level is a large staff office.

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An elevated view of the development site at 1 Enfield St, on the corner with Mt Eden Rd, used for car parking. Photo / Supplied

The neighbouring property at 1 Enfield St, on the corner of Mt Eden Rd, consists of 685sq m of undeveloped land and is used for carparking. Haydock says the vendor who owns both sites has also added significant value to this property by obtaining resource consent for a seven-level apartment building containing 24 residences plus four ground floor retail units and basement car parking. An increased number of apartments – or potentially hotel rooms – could be achieved by reconfiguring the layout within the building envelope, says Haydock.

“This is an excellent opportunity to secure a superbly located north-facing development site in the Auckland Boys Grammar School zone, with much of the hard work accomplished in terms of obtaining the necessary consents for residential development. A new owner could use the concept plans or create a variation on these, or could formulate new plans.

“The property’s flexible Business – Mixed Use zoning and its strong corner profile with significant exposure to Mt Eden Rd opens up lots of opportunities. It could also lend itself to a boutique hotel or serviced apartments complex.”

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An artist's concept of the consented apartment development for 1 Enfield St. Photo / Supplied

Haydock says tenders can be lodged for either or both properties. “There are various benefits that flow for purchasing the two sites together and as a consequence there’s been quite a bit of interest in the combined package as a long-term investment hold in a strategic Mt Eden location. From a developer’s perspective 3 Enfield St also will also generate a significant cashflow while plans and processes are put in place to develop 1 Enfield St.”   

Bullick says the property is surrounded by an increasing number of high-end new residential apartment developments which should enhance the Horse & Trap’s already strong local clientele and see the wider location continue to flourish.  On the other side of the Horse & Trap, work is well advanced on the Miro apartments which comprise 95 one to three-bedroom units while another large complex is taking shape across the road. 

“The location offers very convenient access to multiple modes of public transport, as well as motorways and the CBD. Nearby is the Mount Eden Village retail and food and beverage precinct while the increasingly popular Symonds Street ridge precinct is also a short stroll away,” Bullick says.

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Alan Haydock and Damien Bullick of Bayleys