Published 7 April 2010
The Queen’s Ferry Hotel on Vulcan Lane has sold post-auction for $2.6 million and the O’Carrolls Irish bar building next door has also sold, but with a confidentiality clause on the price.
Both were sold by London Property Investments Ltd (Richard Lyon, son of longtime Vulcan Lane property investor Mark Lyon), which also sold the third pub building in this strip last year, the Occidental, for $4.35 million.
The Queen’s Ferry, at 12 Vulcan Lane, was passed in at $2.52 million following good bidding when Bayleys Real Estate took it to auction through its Total Property portfolio last week.
The 118m² 3-level building is reputed to be Auckland’s oldest pub and is fully leased to Hunter & Co Ltd (David Combs) on an 8-year lease from 2004, with 3 rights of renewal of 4 years each. The Queens Ferry was built in 1858 and granted a liquor licence in 1865.
It was sold by a Bayleys team of Henry Thompson, Stuart Bode & Robert Platt at a yield of 6.8%, which Mr Thompson said reflected its prime position in one of the cbd’s most sought-after retail destinations. The 3 were also involved in the sale of the neighbouring O’Carrolls, which was also featured in Total Property and sold for a confidential sum before the close of tenders scheduled for today.
The O’Carrolls bar operator, the Irish Bar Co Ltd, was among 4 of Craig Ling’s Auckland bar companies placed in receivership by South Canterbury Finance Ltd last November. Its tenancy runs out in September. Lenin Ltd & Minus 5 Auckland Ltd operate bars on Princes Wharf. The fourth Ling company, Fusion Management & Holdings Ltd, provided management & accounting services to the other 3.
Mr Ling expanded his New Zealand bar business 2 years ago to Australia, Portugal & the US 2 years ago, but the domestic business struck trouble last year. The 3 bar companies in receivership & 4 others settled an application by the group’s accountants, WHK Gosling Chapman, to wind them up in April 2009 and 12 related bar companies headed by Barry Botherway, Christchurch, went into receivership in June-July 2009.
O’Carrolls occupied the ground floor & basement at 10 Vulcan Lane, with 3 floors above that in unrelated tenancies, including the Lyon businesses on one floor.
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Attribution: Bayleys release, Companies Office searches, story written by Bob Dey for the Bob Dey Property Report.