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The two story property at 19 Captain Cook Rd, Cooks Beach sits on 546 m² of freehold land.
The land and building housing one of the oldest and busiest upscale restaurants on the Coromandel Peninsula have been brought to market.
The Cooks Beach property overlooking Mercury Bay is home to the popular year-round dining establishment KaiZen in Go Vino as a ground floor tenant, with three bedroom residential accommodation located on the upper level of the premises.
The original decorating concept for the Go Vino art gallery was first developed in Hamilton in 2003, spanning several years later from a wine shop to a tapas restaurant.
The venue was recently renamed KaiZen at Go Vino, but under the old name of Go Vino, the bar and restaurant opened in Cooks Beach, just 100 meters from the beach, in 2007.
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Since then it has become an integral part of the Cooks Beach community with its catchment area extending in all directions across the Coromandel Peninsula.
Now, the massive two-story property at 19 Captain Cook Road, located in the compact Cooks Beach shopping area, is jointly marketed for auction on July 8 via Bayleys Hamilton and Bayleys Whitianga.
Vendors Josh Smith and Belinda Sammons said KaiZen at Go Vino and the three-bedroom residence upstairs took up approximately 370 square meters of street-level retail and accommodation space on the first floor. The commercial part, encompassing the on-site dining and bar areas – which include sidewalk dining at the front and a private enclosed courtyard at the rear – as well as guest bathrooms, kitchen and areas commercial grade catering and staff equipment.
Upstairs, the modern three-bedroom private apartment offers ocean and park views from its wraparound deck space.
Both individual parts of the Captain Cook Road property have been occupied by the same tenant, the owner of the business living in the upstairs apartment. The building sits on approximately 546 m² of freehold land.
The ground floor reception space occupied by KaiZen at Go Vino is leased until the end of the year with two further three-year renewal rights – generating an annual rent of $ 25,250 plus GST and operating costs. During this time, the apartment was rented for $ 220 per week. This amount will soon increase to $ 500 per week.
Sammons said the tidy and well-presented Captain Cook Road address was zoned commercial (8A) in the Thames Coromandel District Council plan and was one of the few commercially zoned properties in the community of Cooks Beach, including unlicensed city alcohol and general store.
“With the scarcity of long-term rental housing in the Cooks Beach area, 19 Captain Cook Road’s split rental format makes it an attractive proposition for the operator of the catering portion of the property to additionally occupy the property. Comfortable living space immediately upstairs, ”Sammons said.
“This is a two-pronged rental format that has been operating successfully for about 14 years now, as the KaiZen at Go Vino business has grown its customer base year over year.