Treat for a tastemaker

The premises of the former Bracs restaurant in Albany, including a large outdoor dining area, are being offered for sale or lease with vacancy possession through Derek Wallwork, director of Omega Property Specialists in Takapuna, who is seeking expressions of interest closing July 10.

Bracs was located in Unit 27, 42-44 William Pickering Drive, Albany, North Shore City, which was earlier tenanted by the The Chophouse.

"In better times they had both traded well, reaching over $ 30,000 per week turnover," Wallwork says. "Unfortunately the previous tenant sought to expand operations by opening up another restaurant, but the timing was wrong due to a sudden change in the economic climate and Bracs was forced to close.

"We also believe the demise of the previous tenant may have been partly due to a focus on steak meals. Our experience with local businesses tells us that in recent years North Shore residents have moved away from steakhouses in preference to restaurants offering lighter cuisines."

Wallwork says the property traded as a successful and well-known restaurant for seven years and an experienced operator could make it a success once more.

"Around $350,000 was originally spent by the landlord on a specialised fit-out and much of it is still there. This includes the basic infrastructure for a restaurant and bar, air-conditioning, hard fit-out, kitchen, chiller, freezer, extraction systems and additional power. This would represent a considerable saving to a new operator who could make use of it. "The last rental was around $160,000 per annum, but the owners are negotiable, particularly for an experienced operator."

Wallwork says Albany's prolific growth in recent years and increasing population continues to create opportunities for hospitality businesses. "The Albany Business Park accommodates thousands of workers and they represent a ready market for a lunchtime trade, but there are very few good, licensed restaurants servicing this market.

"The large outside area on the northern side would make an excellent, sunny al fresco dining feature during summer. "The premises are large enough to accommodate a multi-faceted operation such as a delicatessen-restaurant offering takeaway produce; a combination bar and bistro; a cafe with coffee or food processing at the rear; or maybe a sports bar with restaurant.

"This would provide more than one income stream for a shrewd operator."

Wallwork says opportunities to own a business and the freehold are rare in the hospitality trade, as such properties are normally tightly held.

The level site of the retail premises is located close to the corner of William Pickering Drive and Rosedale Park at the northern edge of the North Harbour Business Park and comprises a mixed use retail/commercial development with a residential component at the rear of the site.

The property is part of a larger retail building fronting William Pickering Drive, with largely food retailing on the ground floor. There is a women's gym on the upper level.

The building was built in 2002 from low-maintenance materials, mostly concrete with aluminium joinery.

Certain uses are prohibited by the body corporate rules to protect other tenants in the development. These are a Thai restaurant, a real estate office, chemist, fish and chip shop, Chinese takeaways, Japanese restaurant and a superette.

"However a variety of other uses could be suitable for retailers offering fresh produce, a coffee shop, bank or a liquor store and so on," Wallwork says.