One of Christchurch’s oldest pubs for sale

5:39 PM Friday April 12, 2019 True Commercial

Craythorne’s Hotel has been serving drinks for more than 150 years. Photo / Supplied

Craythorne’s Hotel, which has been serving drinks in Christchurch for more than 150 years, has been placed on the market as a property with business.

The property, at 344 Halswell Rd, which started life as a brewery and pub, is now being offered for the first time in nearly 20 years.

Savills broker Ben Cameron is marketing the freehold going concern for sale by deadline private treaty closing at 4pm on Monday May 9. It includes the land, buildings and business.

“Craythorne’s is thought to be one of the highest-performing suburban hospitality establishments in Christchurch, with gross turnover consistently around the $6 million mark every year,” Cameron says.  

“This property was one of the original commercial premises in Halswell and an integral part of establishing this area as the village’s commercial centre. 

“It is still a vital part of the local community and is now surrounded by a New World supermarket, retail units, car parking and vast areas of new housing.”

The 4592sq m corner site includes 1500sq m of buildings and around 50 car parks, with the use of hundreds more on the adjacent New World site.

The complex includes a public bar with gaming room and TAB; restaurant, cafe, accommodation, conference facilities, offices and a Super Liquor retail outlet. Annual net rent has been assessed as $414,000 plus GST.

The site’s Commercial Core zoning facilitates further development potential, says Cameron. “The   zone is favourable for buyers who may want to extend or redevelop the site in future. 

“This potential is expected to be a strong drawcard, given the rapid pace of growth in the surrounding residential community. 

Since the 2010 and 2011 earthquakes, the Southwestern suburbs of Christchurch have become the scene of huge subdivision activity, with former paddocks being back-filled with residential development, he says.

 “Growth in the Halswell area is continuing to ramp up, with several subdivisons now established and more in the planning. This growth strongly underpins the future value of properties and businesses in the Halswell community centre.”