L & P café building sale has investors fizzing with anticipation
The land and buildings housing one of the most instantly recognisable cafes in New Zealand – featuring a six metre tall soft drink bottle monument outside its front doors – has been placed on the market for sale.
The L&P (Lemon and Paeroa) Café Bar and Brasserie building in the Waikato township of Paeroa is located on the town’s main arterial route, Seymour Street, which is also State Highway Two – linking the southern base of the Bombay Hills and Tauranga.
The property at 2 Seymour Street is being marketed for sale at auction at 1pm on June 27 through Bayleys Tauranga. Salespeople Jo Stewart and Brendon Bradley said the property’s 444 square metre building was on 2,546 square metres of land – providing vast amounts of parking spaces for cafe customers’ vehicles.
“The landmark property with its large replica six-metre L&P bottle dominating the landscape occupies a high-profile corner site at the northern entrance to Paeroa township,” Ms Stewart said.
“The single-storey building has two tenancies – with the anchor tenant being the iconic L&P Café Bar and Brasserie which underwent a stylish and stunning refurbishment in 2015.
“The refurbishment included a new kitchen and café dining room fit-out and facilities – which are all owned by the landlord.
“The adjacent tenancy is a retail or office premises which is currently vacant.”
Café operator Cloud 9 Group Ltd is currently on a three-year lease in the premises, with a further three-year right of renewal – generating a net rental of $53,352 plus GST. The adjacent vacant space has an estimated annual rental-generating capacity of $19,000 plus GST per annum.
Mr Bradley said the there was sufficient car parking capacity on-site to easily accommodate any new complement of staff who would be working in the currently vacant space within the building.