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Mortgagee sale a crushing finale for winery

Mortgagee sale a crushing finale for winery

A boutique winery and hospitality operation in the Hawkes Bay has been placed on the market for sale by mortgagee tender.

Park Estate located at 2087 Pakowhai Road comprises a winery, restaurant and function centre located next to the expressway, linking Hastings and Napier. The property, in two titles, is being marketed by Bayleys Hastings by salespeople Glyn Rees-Jones and Hadley Brown.

Park Estate was started in the mid 1990s, and produced several varieties under the label of the same name. However, in recent years the business has diversified production into an organic fruit juice and beverage operation currently leasing the land and building.

The alfresco-style restaurant with seating for 70 diners, includes a mezzanine floor and flows to outside areas, making it also popular as a function centre. It features high studs with raised Spanish style parapets, plaster walls, concrete tile roof, and wood-framed windows.

The building has a combined restaurant, tasting area and office/store room, as well as a kitchen and customer toilets. Outside there is a lawn and garden with seating, and a petanque pitch.

Potential purchasers had the option of buying the entire property or separate titles, offering a variety of investment opportunities, said Mr Rees-Jones.

The location, signage, quality improvements and purchase options should have a wide appeal to potential new owners, said Mr Rees-Jones.

“Pakowhai Road is part of a major traffic route linking the expressway with Hastings city and Park Estate signage is the only individually identified restaurant on this well-frequented route.”

Water to the property is supplied by a small domestic bore to service the two dwellings and there is a 100mm bore servicing the main buildings and the vineyard.

Customer and private parking was well catered for, said Hadley Brown.

“There is a large area of sealed parking with access to the front of the restaurant, in addition to further parking by the warehouse and shed areas,” he said.

Since the 1990s, improvements to the property have been carried out to the interior of the restaurant. Further improvements have been made to the production winery/juicer building with dry store, bottling area, office, laboratory, toilets, implement shed, workshop and other supporting buildings.

The property has a capital value of $2,070,000, made up of land value of $885,000 and improvements, $1,185,000.

Park Estate is being sold by mortgagee tender on November 7.


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