The current owners of over 35 years have decided to follow another path and with the restaurant tenant's term of lease at an end, have decided this is the best time to move on.
With no binding lease in place - now is the time to unlock the redevelopment potential of this unique 1,467 sq m waterfront property only 200 metres from central Paihia. The commercial zoning allows for a wide range of activities and also permits the property to be purchased by non-residents.
Currently there is the restaurant space in the colonial building in front with the owners three bedroom apartment above it and behind is a second four bedroom residence currently being used for holiday rental accommodation.
The property has its own unique category in the district plan. The height restriction could allow for a multi-level building at the rear - great for apartments. The land behind is council reserve so going high will not obstruct others.
However, having said all this the property could also be returned to its former glory as a residential property. The colonial building would make a fantastic residence over both floors. This gem on Paihia's waterfront is amazingly quiet given the commercial nature of the town.
The property is being sold by Tender (if not sold prior) with Tenders closing 4.00pm, Wednesday 5th June 2019.
A comprehensive Information Pack is available on request.