Former Masonic Lodge building goes up for sale
A designated heritage building in Masterton, which was formerly a masonic lodge, has been placed on the market for sale. Located on State Highway 2, the building offers potential buyers an investment in a historic slice of the city.
The building houses The Aberdeen restaurant, bar and function room, and is being marketed by Bayleys. It is being auctioned on 19 September.
It was purpose built for the Masonic Trust in 1926 and was used as a hall and offices. In 2001 it underwent significant upgrading and additions to convert it to its current format - used as a restaurant, bar and function centre.
A designated historic building, it is listed as a natural and historic heritage site on the Wairarapa Combined District Council plan. As it is protected, any changes to the building require resource consent.
Bayleys salespeople Grant Young from Wellington and Mark Morison from Masterton, who are marketing the heritage building, said it presented an investment opportunity in a high exposure location. Furthermore it is tenanted with more than 10 years remaining on the lease.
“The building is tenanted by a highly-regarded restaurant, bar and function centre over two levels, together with an outdoor deck and dining area,” said Mr Young.
“Located at 109 Chapel Street, within Masterton’s CBD, it is only 200 metres from the main retail precinct and receives a high volume of passing vehicle and foot traffic.
“Adjoining tenants include Super Cheap, Pizza Hut, BP, Farmers and AON Insurance, with surrounding properties comprising largely of low to medium rise commercial buildings providing retail or offices on the ground floor and offices above.”
The building is constructed of concrete piles and foundations, timber floors, reinforced concrete external walls, and a galvanised corrugated iron roof and timber trusses.
An outdoor deck and dining area face west, leading to the main entry, which houses the main dining area, bar and several dining booths for intimate dining. On the north eastern side of the property are male and female toilets, with an adjoining ‘green room’ for smaller functions. The kitchen and a storage area are at the rear. Upstairs is the function room, with polished floors, newly installed bar and cavalry. It can comfortable seat 120 people and has a large projector screen. On this level there are further toilets, a laundry, and a manager’s office.
The building has undergone several stages of earthquake strengthening to bring it to a standard 60 percent above the current code.
Mr Morison said throughout the upgrading and strengthening work the property’s special charm had been retained.
“The several stages of refurbishment have been sympathetic to the building’s original design, character and heritage. It features a high ceiling, good natural light and a warm, ambient atmosphere, which contribute to a pleasant dining experience.”
The freehold building has a land area of 809m and a capital value of $900,000, made up of land value, $225,000 and improvements, $675,000. It is zoned commercial.
Tenant The Aberdeen Limited is on a 16-year lease, starting in October 2007. It has an eight-year right of renewal, and pays a net annual rental of $92,000 (plus GST, and all of the outgoings).
The well-known Wairarapa restaurant utilizes produce from local farmers, vineyards, olive groves and cheese makers. Some of the suppliers used include Kingsmeade Cheese, Tararua Range olive oils, Marconee Fresh Fish and Anderson Meats. The restaurant caters for full meals and lighter meals/bar snacks.
The building is being sold by auction on September 19.