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Former All Black hooker Ron Urlich is selling his historic Auckland pub in a deal which some market experts say could fetch up to $5 million.
Tenders close early next month for The Shakespeare, built in 1898 on the corner of Wyndham St and Albert St.
Urlich stands to make a big profit if he does net top-dollar for the tavern.
Quotable Value (QV) assessed the value of 61 Albert St at $2.5 million: $1.1 million for the land and $1.4 million for the building. It listed the owners as Ron and Janice Urlich and a company, Shakespeare Properties.
They bought the freehold property in 1993 for $600,000, QV showed. The property's value for rating purposes in 1991 was $900,000: $600,000 for the land and $300,000 for the building.
Agent John Halstead of Bayleys said Urlich would lease back the Victorian-style brick pub on a six-year term with rights of renewal.
Urlich plans to use money from the sale to expand his brewery business, Halstead said.
"With micro-breweries, it's all economies of scale: the more you produce, the cheaper it becomes," Halstead said.
He said that about two years ago, Urlich had renovated the 10 guest rooms for boutique-style accommodation from $89 to $119 a night. But further rooms could be added in a new level which could be topped by a pitched Parisian-style copper roof to fit the building's heritage values.
Although the hotel had an historic rating, plans have been prepared to add another level and double the accommodation business, Halstead said. Plans for the expansion, designed to fit in with the period architecture, were available for buyers. Tenders are due by December 6.
