Pub offers chance to tap into Silverdale’s growth
The colourful bar in the Northern Union Gastro Pub in Silverdale.
A Silverdale commercial unit occupied by the popular Northern Union Gastro Pub on a long-term lease will go under the hammer early next month.
“This hospitality investment property is just across the road from the Silverdale Centre,” says Shoneet Chand of Colliers International who, with colleagues Matt Prentice and Euan Stratton, is marketing Unit 1C at 23-25 Wainui Rd for sale by auction at 11 am on Wednesday November 11 at the agency’s 151 Queen St auction room in the Auckland CBD, unless it sells earlier by negotiation.
Chand says the Northern Union has been trading for a year and is already well established as a favourite local social spot in an ideal location across the road from Silverdale’s main commercial hub.
“The pub has become a popular local social centre featuring a family-friendly environment with good food and drinks,” he says.
The Northern Union Gastro pub occupies Unit 1C at 23-25 Wainui Rd, Silverdale.
Prentice says the pub is run by experienced operators with a strong track record of successful establishments across Auckland.
“Their other well performing venues include the newly-opened Pilkingtons on Shortland St in the Auckland CBD. They know what makes pubs and restaurants favourite places that locals will keep coming back to,” Prentice says.
Stratton says pub’s operators have invested heavily in a quality fit out for the 208 sq m premises.
“They have made extensive use of natural timber indoors to create a warm, comfortable environment and the architects have designed outdoor areas with free-flow access from the bar and dining room out to the courtyards and decks. Half the site has been dedicated to outdoor entertaining, resulting in a flexible, contemporary venue.”
The Northern Union Gastro Pub has a 10 year lease with the rights of renewal for two further terms of five years each giving a potential final expiry date of May 2034.
“The annual rent of $123,750 is subject to rent reviews which provide guaranteed rental growth,” Chand says. “This property has a set of investment characteristics that we expect buyers will find highly desirable, including a quality newly-constructed building and an excellent location that should ensure good tenant demand and patronage into the future.”
Outdoor seating and dining is a feature of Northern Union Gastro Pub.
The pub is part of a new retail and commercial centre which is also home to office tenants and other retail operators. The building was constructed to 100 per cent of New Building Standard and the Northern Union Gastro pub occupies a prime spot in the three-level complex.
“It has a prominent corner position within the development, which is located on a busy roundabout facing the Silverdale Centre,” Chand says.
Prentice says the location is ideal for the tenants to capitalise on the area’s planned strong growth. “There are around 3500 homes being built by Fulton Hogan in the area directly to the north of the Silverdale Centre, in addition to the large and growing catchment within the Hibiscus Coast region.”
“The nearby Millwater subdivision is expected to house 10,000 residents when it is completed, and will also include a swimming centre, gymnasium, kindergartens, primary and secondary schools.”
Stratton says the Silverdale Centre has been a huge success, with tenants including The Warehouse, Countdown and other national and international retailers signing up for space in the centre before construction was completed.
“The centre has been trading very well since opening in late 2012, and several other large retailers including Pak‘nSave and Bunnings have also opened stores here after recognising the strong growth fundamentals of the area.”
Chand says Silverdale is evolving into the commercial heart of the Hibiscus Coast, catering to the former Rodney district’s growing population.
“The ‘primary catchment’ population around Silverdale has projections of 57 per cent growth between 2011 and 2031 when there are expected to be 140,000 people in the former Rodney area. This growth rate is higher than the adjacent North Shore’s growth and of the overall Auckland region.”
Euan Stratton (left), Matt Prentice (centre), and Shoneet Chand (right), of Colliers International.