Former All-Black puts sports bar up for sale
A top Auckland sports bar co-owned by a former All Black is on the market for sale.
The Kingslander, located just 350 metres from Eden Park, and run by two test veteran Gary Braid, has become a destination of choice for many pre and post-cricket and rugby events, as well as enjoying a healthy patronage of regulars and Kingsland/Mt Eden/Grey Lynn locals.
The Kingslander business is being marketed for sale by Bayleys Real Estate sales consultants Paul Dixon and Mike Peterson. The deadline for expressions of interest for the purchase of The Kingslander close on August 25.
Mr Braid’s The Kingslander business partner Steve Gillett said having strategically positioned the bar for further expansion and income opportunities, it was time for him and co-owner Gary Braid to sell up and spend more time with their families.
“We opened the bar in 2005 shortly before the British and Irish Lions tour, and our immediate success in the first year of operation far succeeded our initial expectations,” Mr Gillett said.
“Since launch we have consistently worked hard to build a solid reputation for The Kingslander as a bar where the local neighbourhood can come to relax and socialise, as well as somewhere to meet friends and watch sporting events on the big screen.”
Mr Gillett said The Kingslander was set to capitalise on the opportunities for increased revenue during the Rugby World Cup through the recent conversion of the loft into the upmarket Nectar Bar.
“The Nectar Bar was created first and foremost for the local community as a sophisticated and cosmopolitan escape for those wanted to relax and socialise away from the hustle and bustle of the rugby crowds,” Mr Gillett said.
“It compliments the historical nature of The Kingslander – a former grain store – with a hip and upmarket venue.”
Bayleys salesperson Paul Dixon said with a solid set of accounts and operational structure in place, and the recent establishment of the Nectar Bar, The Kingslander offered a perfect opportunity to purchase a business in a sought after location.
“The $190millon dollar redevelopment of Eden Park means a host of future events can be capitalised on by the new owners. The turnover from food and alcohol literage, coupled with the chic cosmopolitan appeal of the Nectar Bar, means this business has an exciting future.”
Mr Dixon said the current owners had a strategy in place to capitalise on the opportunities available by the Rugby World Cup.
“By making use of an additional 200 square metres of two outdoor areas to place two marquees, this will increase the capacity of the bar by an additional 200 people during Rugby World Cup matches at Eden Park. In addition, the recent extension of the liquor licence from 1am to 3am will increase The Kingslander’s appeal as a hot nightspot.”
Mr Dixon said The Kingslander would be ideally suited to investors seeking to add to their portfolio. This could be in the form of existing bar owners, corporate companies looking for diversity, or a team of syndicated individuals.
The business employs 11 full-time staff and 15 part-time staff – with senior management contracts able to be transferred to the new owner. The business has a 10-year lease for the building, with an additional two five-year rights of renewal.
Mr Dixon said The Kingslander’s revenue was split 15/85 between food and beverage sales, with a new tapas menu operating in the Nectar Bar which complemented the existing a la carte menu.
Expressions of interest for the purchase of the Kingslander close on August 25.