ONE of Wellington’s more prominent hotels, Molly Malones Irish bar and restaurant, on the corner of Courtenay Pl and Taranaki St, is on the market for about $4 million.
‘‘This is the very definition of a character landmark building,’’ said Colliers agent Rick Stace.
‘‘It was built in 1907, it is in a high-profile corner location, it has a long-term lease to Molly Malones, [it was one] one of the first Irish bars in New Zealand, and it is today regarded as one of New Zealand’s most successful and well-known bar and restaurant complexes.’’
The three-storeyed freehold property is on a 306-square-metre site and offers a net lettable area of 919sqm, including balconies.
Molly Malones began its latest lease, of nine years, on May 30, 2007, and pays a net rent of $310,000 plus GST per year.
It has a further nine-year right of renewal, expiring in 2025, and there are three-yearly rent reviews. Originally the Clarendon Hotel, it was refurbished and strengthened in 1991 and has been maintained to a very high standard, Mr Stace said.
Fellow agent Peter Wilkin said it was an ‘‘outstanding long-term, premium passive investment opportunity’’.
The building is a gateway into Courtenay Place, prominent to traffic and pedestrians, near Manners and Cuba streets and a growing number of apartment developments and is a short walk to the central business district and waterfront.
It is for sale by deadline private treaty, closing on December 15.
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