For the first time in nearly half a century, a popular and refurbished gastropub complete with restaurant, bar, garden, boutique hotel rooms and off-licence alongside a busy, well-known Kaipara tourist route has come up for sale.
The Thirsty Tui, situated in the picturesque Kaipara Harbour on the Twin Coast Discovery Route at 2039 Paparoa Valley Road, in Paparoa, Northland, is being marketed by sole agents Deborah Dowling and Richard Larman of CBRE as a Freehold Going Concern. The property and business are due to be sold through Deadline Private Treaty closing 22 November 2019, unless sold prior.
Dowling says that the current owner is selling something that has been in her family for 45 years. “The owner is Auckland-based and involved in other businesses, so this is a tremendous opportunity for an investor with a hospitality interest or a family/couple looking to take the restaurant and hotel forwards, and enjoy a country lifestyle on the doorstep of one of the world’s fishing meccas.
“Properties of this quality and lifestyle with business development potential are often held for a long time and are rare to the market, so we expect considerable interest from buyers looking to come here and reap the rewards of taking the business to the next level.”
The property comprises a 4,244sqm site, on which sits the restaurant, bar and garden, three single-bedroom suites, a two-bedroom owner’s home, an off-licence with a separate entrance, 30 car parks, seven water tanks, some outbuildings and riparian rights down to the river at the rear.
The hotel has served the local community and tourists for 56 years and has recently been fully renovated to a boutique retro style that provides modern comfort, quality and tourist appeal.The commercial kitchen has also been completely upgraded and produces quality meals from Lunch to Dinner.
The two-bedroom owner’s home, which could provide a home for the new owner, has a private garden and rural outlook. Furthermore, the property has access to an open bush walk to local landmarks nearby.
Larman says that the dining facilities can seat 60 people inside, opening up to cater for an additional 60 people outside.
“The Thirsty Tui has excellent TripAdvisor reviews, and is actively promoted on social media and has its own Facebook page with numerous followers. It is the local community’s dining destination, attracting not only local people but also passing visitors from all over the world. Meals are a high level of cuisine with variety for all visitors and locals.”
The freehold title offers future further development options, says Dowling. “Many options exist to build up the business further by running events, weddings and functions or increase accommodation facilities.
“The surplus land next to the property is currently used for overflow parking and provides popular riverside parking for campervan tourists. It could be subdivided or developed in the future, subject to council consents.”
The property is located close to the edge of Paparoa, a small historic village close to the Kaipara Harbour, approximately ninety minutes north of Auckland.
With many historic buildings, a village school, many bush walks and the famous Matakohe Kauri Museum only minutes away, the local area is experiencing considerable growth, and new residential subdivisions are being created to cater for an increasing population.
The area is attracting a range of New Zealanders and tourists for a variety of reasons, says Larman. “Many families, retirees and business owners are being attracted by a rising variety of opportunities in the area, as well as the affordable nature of lifestyle properties. We’re seeing a noteworthy migration of Aucklanders into the area, both as a weekend get-away and also to live permanently.”
Dowling adds that Paparoa services the nearby Kaipara Coast fishing meccas of Pahi, Whakapirau, and Tinopai. It also supports travellers and bach owners travelling to and from the increasingly popular Hokianga, as well as tourist destinations 90 Mile Beach, Tane Mahuta and the Bay of Islands along the Discovery Highway route.
“The property is well positioned on the main State Highway 12, which is a well-promoted part of the tourist ‘Discovery Highway’ route. Significant numbers of vehicles pass the property daily, with approximately 21,000 using this road every week.
“Planned motorway developments north of Auckland will only improve tourist and population growth, and recently-announced regional development funding from the Government, plus a planned cycle route through the area, should further enhance this growth, particularly at a time when tourists into New Zealand are north of 3 million mark and only set to grow.”
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com..