Paeroa landmark for sale
The land and buildings housing one of New Zealand's most instantly recognisable cafes is for sale.
Paeroa's L&P Cafe Bar and Brasserie boasts a six-metre-tall replica soft drink bottle – one of two in the town – outside its front doors.
The sale comes when there is growing interest in property in Paeroa and its nearby Hauraki towns, according to Paeroa Harcourts branch manager Connie Muir.
She says buyer demand for residential property in Paeroa is strong with the relative affordability an attractive factor.
"The average sale price for residential property in Paeroa for the year to April is $346,329 and about 17 per cent of sales are to people moving in to the area."
Connie says as a result of the interest, there is shortage of properties available with 22 per cent of interest coming from first-home buyers, again driven by affordability.
The average sale price had fallen back a little from $352,400 recorded in the year to April 2017.
"Paeroa is centrally located and is at the junction of three state highways, conveniently within an hour-and-a -half drive of three main cities. Paeroa is centrally located to enjoy the Coromandel Peninsula, the Bay of Plenty and the Waikato.
"The town's community spirit is alive and well, visitors are welcomed and encouraged to enjoy the many activities and events that make it such an interesting place to live in, work in and visit."
Bayleys northern Waikato commercial property specialist, Josh Smith, covers all the rural towns from Huntly and Pokeno in the west, to Waihi in the east and the area's strategic location on SH2 between Auckland and Tauranga meant most settlements were expanding.
"There's a lot of interest coming in from Auckland, the Waikato and Bay of Plenty. We've had the big lift in prices and they're holding firm. The industrial subdivision at Kerepehi has sold out and there is a subdivision of about 50 sections adjacent to the former racecourse."
Bayleys Tauranga representatives Jo Stewart says the L&P Cafe Bar and Brasserie building is located on the town's main arterial route which was also SH2.
It comprised a 444 square metre building on 2546sqm of land, providing ample parking space for customers.
The landmark property occupies a high-profile corner site at the northern entrance to Paeroa township, says Jo.
"The single-story 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."
Cafe 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.
Each year Paeroa hosts a number of events including the Battle of the Streets motorcycle races, V8 Show and Swap Meet, and Paeroa Highland Games and Tattoo.
Paeroa is only minutes to the beautiful Karangahake Gorge with its breathtaking scenery and easily accessible walking and tramping tracks alongside the Ohinemuri and the Waitawheta Rivers.
The popular Hauraki Rail Trail is accessible from Paeroa, Thames, Te Aroha and Waihi/ Waikino.
The former L&P bottling plant in Station Rd sold at auction last year for $420,000. It was closed after production was moved to Auckland in the 1980s.
- Stuff /GEOFF LEWIS