Wharf restaurant is now on the menu

One of Auckland's most popular harbourside dining spots on Princes Wharf, the Seaview Buffet Restaurant, is being marketed for sale as a retail going concern, with its long-term leasehold interest stretching close to the end of this century.

The restaurant, formerly known as The Koreans, is within a property designated as Shop 10, Shed 23, Princes Wharf at 145 Quay St, and is being jointly marketed by Kim Loo and Harry Kim of Barfoot & Thompson City Commercial and will be sold by auction on November 18.

Loo says most leasehold properties face the uncertainty of ground rent reviews throughout the duration of their leases but the Seaview Buffet property doesn't have this issue as the ground rent has been fully prepaid.

"It provides the similar certainty of a freehold property throughout the term of the lease, up September 7, 2095," Loo says.

The property, which has a government valuation of $2.125 million, is on the ground level, about 160m from Quay St. The premises occupy the full width of the shed with access from both sides - the wharf edge and from the vehicular and pedestrian access way to the centre of the wharf.

"It has a net lettable area of 528.58sq m with a good stud height of around 3.5m and a capacity for around 200 guests," Loo says.

"Due to changed circumstances, the present owners, who are originally from South Korea, have decided to sell both the property and business, together with the chattels. "They have however, indicated that they would be prepared to consider an unconditional offer prior to auction."

Loo says the sale presents an excellent opportunity for an experienced, enterprising owner-operator to acquire the property and business at a very good price, "and to give this place a new lease of life, bringing both the property and the business to a greater height".

The configuration comprises predominantly open-plan dining space incorporating aluminium bifolding doors leading out on to the wharf edge with kitchen to the northern elevation and shared unisex facilities provided towards the southern elevation.

Loo says the restaurant's location, on the western side of the wharf, is considered the more desirable position on Princes Wharf and its closeness to the Hilton Hotel is an added advantage.

"There is ongoing demand for restaurant and bar facilities of this nature in the vicinity," he says.