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Home / Property

Marvel Bar & Grill eyes pending sales surge

By True Commercial
NZ Herald·
8 Mar, 2019 04:00 PM3 mins to read

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Marvel Bar & Grill at 1 Jellicoe St, North Wharf, is among Auckland waterfront's most popular venues. Photo / Supplied

Marvel Bar & Grill at 1 Jellicoe St, North Wharf, is among Auckland waterfront's most popular venues. Photo / Supplied

Brokers say one of the Wynyard Quarter's top hospitality venues is for sale, as a business within leased premises, just as the famed hospitality strip braces for unprecedented activity.

ABC Business sales broker Brock Sibbick says the Marvel Bar & Grill has gone on the market ahead of the rugby and cricket World Cup events, plus the long-awaited America's Cup series.

"As one of Auckland waterfront's most popular hospitality venues, Marvel expects to see a huge influx of additional tourists and visitors generated by these events," says Sibbick.

The hospitality outlet, which opens until 11pm daily, is located at 1 Jellicoe St, North Wharf, directly opposite the soon-to-be completed Park Hyatt.

The business is for sale by private treaty, with offers due to close on Sunday March 31 unless sold earlier.

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"In my view, all this represents an unprecedented opportunity for an experienced industry operator," says Sibbick.

"There's a wealth of foot traffic passing by this multi-faceted dining establishment each day and an open-plan kitchen creates a wonderful atmosphere."

Marvel has three dedicated and experienced managers, meaning owners AlisdairGribben and Wendy Sutherland have minimal input in the daily operations.

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"It has consistently strong weekly sales and combined with its large footprint, the potential for further sales growth will be easily realised by an experienced operator,"Sibbick says.

"The America's Cup pre-racing has been cancelled in Europe, meaning that racing will now begin in Auckland later this year."

He says the cup calendar effectively begins with the launch of Boat 1 on March 31 and continues right through to the final races in March 2021.

"We believe this will generate a huge ongoing buzz around the Wynyard Quarter for the duration, with highlights including the challenger series beginning in June; the launch of Boat 2 next February and three World Series preliminary events and a Christmas race late next year.

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"But that's all just the curtain-raiser for the Prada Challenger Series and final match-racing, to be held in 2021."

Meanwhile, Sibbick points out that the Cricket World Cup starts on May 30 running though to July 14.

"This will provide an opportunity to host events with the alternative cricket commentaries."

Groups of fans from the various countries represent a lucrative market, says Sibbick.

For example, Eden park recently sold out for the Indian and Sri Lankan T20 Internationals.

The Rugby World Cup is to get under way on September 20 and runs through to November 2.

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Sibbick says kick-off times for All Blacks games will be 6.45pm Japanese time — or 10.45pm (NZT).

"So games are to be aired at times that are advantageous for hospitality operators. Punters will be in for dinner, plus long into the night, taking advantage of late liquor licences."

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