‘Steakholders’ adore their Pakuranga grill
Porterhouse Grill is for sale at 10 Aylesbury St, Pakuranga. Photo / Supplied
“Pakuranga’s Porterhouse Grill is regarded as one of Auckland City’s leading steak restaurants, and that’s a reputation to be prized,” says ABC business broker Shayne Gilder.
Gilder is selling the busy eatery, operating within leased premises at 10 Aylesbury St, for a total asking price of $1,350,000 – comprising tangible assets of $400,000 and intangible assets of $950,000 - plus stock of about $15,000.
He estimates the rate of beef lovers per square kilometre in Auckland would probably be second only to that for Buenos Aires.
“There couldn’t be a better target market than Aucklanders who value a truly well-prepared porterhouse, rump, Scotch fillet or T-bone steak.
“Of course, it doesn’t stop there — as Porterhouse Grill produces a range of tasty meals of other kinds as well,” he adds.
Gilder says the restaurant uses only certified organic meat, grass-fed beef sourced from the rolling green hills of the Central North Island.
“Their black Angus beef is hand-picked for the best quality and aged for at least 35 days for maximum flavour and tenderness,” he says.
“Grill times may vary but the key is to be patient, as these steaks are always worth the wait, each being grilled and basted in a manner that seals the juices in and creates that unique steakhouse flavour.
“Their basting is a secret recipe of sweet barbecue sauces — and all steaks are grilled to customer satisfaction.
“The location is excellent too, close to the development planned for the old White Horse Tavern site, which is promising to supply hundreds of additional customers in future.
“The hard work has been done, with the concept now well established and an intuition evident into the wants and needs of a loyal customer base.
“This operation really is supported by strong consistent financials,” says Gilder.
He says the current owner has no fixed role in the business, creating an opportunity for an investor, or working owner looking for a solid return on a profitable well-established restaurant/bar.
Gilder says the operation’s best points are:
- strong, consistent weekly sales averaging $40,000;
- great rent for a premium site coming in at 6 per cent of sales, with the safety of a long lease in place;
- consistent sales and profit since its conception in 2013;
- a semi-managed return of 30 per cent to 40 per cent return to a working owner; and
- a new premium residential development within walking distance, set for completion 2018, potentially bringing in hundreds of additional customers.
Gilder says the restaurant features a beautiful contemporary fit-out, state-of-the-art kitchen and a warm and cosy atmosphere.
He says the vendor’s farm-to-table ethos has been a big part of its success.
“The semi-managed business has staff that are friendly, competent and professional. The 516 square metres of floor space provides options for functions, including an area that could be used for private dining.”
At present the business runs with a single director, one duty manager, seven full-timers and 20 part-timers.
Wages are a weekly cost of about $11,000 and running at 30 per cent of turnover, which is likely to improve as revenue grows.
“This restaurant runs on a proven concept, with great systems and reliable staff in place. The full accounts will demonstrate it is highly bankable, the price being underpinned by accounts showing more than $400,000 in assets,” Gilder says.