Auckland Bars Up for Sale

[Davo36]

This must be a bit tight around the Viaduct:

Prominent Auckland bars face closure

By Alice Neville
8:58 AM Sunday Nov 15, 2009


Expand Auckland's Minus 5 bar. Photo / Karl Woodiwiss



<img class="articleImageBig" alt="Auckland's Minus 5 bar. Photo / Karl Woodiwiss" title="Auckland's Minus 5 bar. Photo / Karl Woodiwiss"> Shrink Auckland's Minus 5 bar. Photo / Karl Woodiwiss



The future of four prominent Auckland bars is uncertain, after the companies that operate them went into receivership.
Craig Ling is the director of the three companies that operate Lenin, Dakota and Minus 5 bars in the Viaduct, and O'Carrolls Irish bar on Vulcan Lane. Minus 5 Auckland Ltd, Lenin Ltd and Irish Bar Company Ltd are under the control of receivers BDO Spicers.
Brian Mayo-Smith, of BDO Spicers, said Dakota had already closed when the receivers were appointed - by loan company South Canterbury finance - and they would be reviewing whether to reopen it.
"The other three bars will certainly continue to trade, and we have new management in place," said Mayo-Smith. "It's likely we'll put up the bars for sale as a going concern in due course."
Minus 5 opened in 2002 as the first in a line of "ice bars" Ling set up in several locations. The bar is made entirely of ice, and drinkers wear fur-lined coats and hats and drink cocktails from ice glasses.
By Alice Neville

Source

Would be kind of cool to own one of those bars. You'd have to know what you were doing though.

[CJ]

Tough times for bars - Cargo and four nations (both on the former loaded hog site I think) in the viaduct are also in receivership plus david hendersons sol square in Christchurch and the loaded hog in Wellington (I think).

All high profile places so there must be lots of others struggling.

[drelly]

I think bars all over the country are holding on by their fingertips. Lots up for sale locally.

[fudosan]

Would be kind of cool to own one of those bars. You'd have to know what you were doing though

How about buying a retail unit in Heritage Hotel with an Irish pub tenant for your next project, David?

Location: 74 Wyndham Street
This mortgagee sale presents a unique, opportunity to acquire the premises (strata title) of Auckland's renowned Irish pub, The Muddy Farmer. A new 5 year lease is now in place in an historic landmark building.

Net income $120,000 per annum. Strata title in one of Auckland's iconic historic buildings.

Source: http://www.trademe.co.nz/Browse/List...x?id=252088357

[Davo36]

That could be OK if it was cheap enough. It's got quite a nice fit out and that. And it's pretty well known, well located etc. The rent of $120k doesn't seem to out of the way, it's quite big inside from memory.

On the downside, it's a strata title, with all the BS that comes with.

[donna]

In Wellington it's common for Bars to turn over every 18 months - being a small place it kind of keep the bar scene interesting...a new bar always gets the crowd.

So get a bar - get the crowds and sell out at the peak I guess.

Cheers,

Donna

[Dunning]

I also see that the building that houses Galbreaths is for sale too.

[Davo36]

Now that's a nice building. And old library I think wasn't it?

The thing is all these places charge like $8 for a beer. Perhaps with the downturn people are staying home and drinking a bit.

The police targeting drink driving heaps over the last few years wouldn't have helped the bars either.

[donna]

Yeah - lots of competition, lack of population, crack down on breath testing by the police and then there's the cost factor too.

Wellington bars would have got a good boost on Saturday with 35,000 very happy 'All Whites' fans partying through the night.

Cheers,

Donna