Waiheke restaurant has best ocean view in town

Vino Vino, one of Waiheke Island's longest-existing restaurants, is being offered for sale through Erika Bult of Century 21 Business Broking Consultants.

The business will be offered at a negotiable asking price of $800,000 inclusive of stock on hand and is being sold as a leasehold going concern.

"Established in 1993, Vino Vino has remained unchanged in name but it has significantly changed in terms of style and cuisine compared to its relatively humble beginnings as a local bistro," Bult says.

"This is a restaurant that is pleasing on the eye with a quantifiable financial pedigree that is seldom found in today's economic climate."

Vino Vino is situated in the middle of Waiheke Island's main township of Oneroa. "This is the only restaurant in Oneroa with full frontal north-facing and uninterrupted views of the ocean out towards the Coromandel Peninsula and Great Barrier Island," Bult says. "The expansive 200sq m outside deck, which can comfortably accommodate 40 guests, has an adjustable roofing system that provides superb protection from the rain and also allows for full sun penetration."

Bult says a further extension of the deck area is a possibility subject to local council approval in collaboration with the landlord.

The restaurant has a spacious dining area with a maximum capacity of 55 to 60 guests.

"A feature is the attractive fold-away concertina windows facing the ocean, which provide a very attractive dining area for patrons who appreciate the view but who don't want to be seated in direct sunlight."

A gas hearth and air-conditioning unit also make the space popular.

The restaurant, with a spacious and well-equipped bar area, holds a full liquor licence with days of trading from Monday to Sunday, 10am until midnight. The licence is up for renewal in February, 2014.

"The restaurant has the kind of kitchen and appliances that most chefs can only dream about, including a state-of-the-art Rational oven," Bult says. The kitchen has an A-grade hygiene certificate.

The restaurant also has unusually spacious back-house areas including a large walk-in chiller, walk-in deep freeze, a separate office with security cameras trained on public areas of the business and generous dry goods and cellar storage spaces.

The original deed of lease was varied in 2005 to provide for a final expiry date of 2017, with the landlord indicating that the term can be extended. The current rent is $54,910 plus GST per year, plus outgoings and tenants' contribution to the landlord's operating expenses.

Bult says a profit-and-loss summary has been compiled pertaining to the last five financial years, which demonstrates average Ebpidt (earnings before proprietor's drawings, interest, depreciation and taxation) in excess of $325,000 per annum.

The business currently employs two full-time chefs and a licensed restaurant manager. Other duties are carried out by part-time employees, with the owner taking on the role of overall general manager.