Property Investors Check What’s On The Menu As Popular Restaurant Premises Comes Up For Sale

The land and building housing one of the busiest – and longest continually run – upmarket restaurants on the Coromandel Peninsula have been placed on the market.

The property at Cooks Beach overlooking Mercury Bay houses the popular year-round dining establishment KaiZen at Go Vino as its ground floor tenant, with a three-bedroom residential dwelling situated on the upper level of the premises.

The original Go Vino dining art-gallery décor concept was first developed in Hamilton in 2003, branching out several years later from a wine shop into a tapas eatery.

Under the former name of Go Vino, the bar and eatery opened its Cooks Beach location in 2007, and since then the destination has gone onto not only become an integral part of the Cooks Beach community, but also a hospitality drawcard across the great Coromandel Peninsula. The premises is located some 100 metres from the golden sand Cooks Beach.

The popular bar and eatery runs a packed calendar of events – ranging from themed menu nights and wine club tastings through to quiz nights and private functions. Operating from the same Coromandel premises since 2007, the venue has just rebranded itself as KaiZen at Go Vino to reflect its evolving culinary avenues.

The establishment’s customer catchment area stretches in all directions around Cooks Beach - from Tairua in the south and Hahei and Hot Water Beach to the east, to Whitianga and Matarangi to the north.

Now the prominent two-storey property at 19 Captain Cook Road in Cooks Beach is being jointly marketed for sale at auction on July 8 through Bayleys Hamilton and Bayleys Whitianga. Salespeople Josh Smith said Belinda Sammons said the KaiZen at Go Vino property was located within Cooks Beach’s compact retail strip – and was instantly recognisable through the number of terracotta planter boxes sectioning off its pavement dining space.

KaiZen at Go Vino and the three-bedroom residence upstairs occupy some 370-square metres of street level retail and first upper floor accommodation space – with the commercial portion encompassing the venue’s dining and bar areas, guest bathrooms, the commercial-grade kitchen and foodservice areas, and staff amenities.

Upstairs, the modern private three-bedroom apartment has a standard kitchen/dining room/lounge lay out, along with ocean and park views from its wrap-around deck space.

In addition to pavement dining outside the front of the establishment, KaiZen at Go Vino has a private enclosed dining courtyard area set amongst lush tropical vegetation at the rear of the premises. Both the foodservice kitchen and the residential unit are accessed by a service lane looping behind the rear of the property, Smith said.

The two individual portions of the Captain Cook Road property have been occupied by the same tenant, with KaiZen at Go Vino’s business owner living in the apartment upstairs. The building sits on some 546-square metres of freehold land.

The ground floor hospitality space occupied by KaiZen at Go Vino is on a lease running through to later this year with two further three-year rights of renewal – generating annual rental of $25,250 plus GST and operating expenses. Meanwhile, the apartment has been let for $220 a week. This is soon to increase to $500 a week.

Sammons said the tidy, well-presented Captain Cook Road address was zoned commercial (8A) in the Thames Coromandel District Council plan, and was one of only a dozen or so commercially zoned properties within the Cooks Beach locale. Neighbouring businesses in the same convenient retail hub as KaiZen at Go Vino included both the town’s liquor off-license and the general store.

“With a scarcity of long-term rental accommodation in the Cooks Beach locale, the split tenancy format of 19 Captain Cook Road makes it an attractive proposition for the operator of the foodservice portion of the property to additionally occupy the comfortable living space immediately upstairs,” she said.

“It is two-pronged tenancy format which has operated successfully for some 14-years now as the KaiZen at Go Vino business has year-on-year grown its clientele.”

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