Lease Terms

Potential

Storage

Bathroom

The Premises

Age – originally circa 1960’s build over three stages, with a first floor and deck added circa mid 1990’s. Internally the premises had a complete internal refurbishment and updgade in 2015, and a more recent refresh in 2020. The property now offers a comparatively high standard of restaurant and bar fitout.

Construction – Concrete floor slab supporting concrete block and slab exterior side walls, with a well presented and attractive retail / restaurant façade onto The Mall with a large glass verandah below a parapet roof façade. The rear entrance onto Cow Lane offers a plaster and timber widow joinery façade, with the first floor plaster exterior and iron roofing.

Internal Layout – Rectangular in shape with an approximate frontage to The Mall and Cow Lane at circa 7 metres and an overall depth at circa 30 metres. The ground floor layout provides for a front entrance and dining area adjoining the main bar, with a large central kitchen area down one side adjoining a second dining area, with a rear internal stair well to the first floor, opposite toilets and a separate second dining area adjoining Cow Lane. The first floor provides further toilets, a staff room area and a deck overlooking Cow Lane.

External Mall Dining – The premises has had the benefit of an outdoor seated licence area from Council.

Lease Terms

Deed of Lease dated: 22/12/2003 (ADL Fourth Edition 2002)

Tenant: Avanti Restaurants (2001) Limited Commencement Date: 1st July 2002 Term: Five years

Deed Of Renewal 2007

Deed of Renewal & Variation 2010

Deed of Renewal & Variation 2014

One further term of 4 years from July 2016 followed by 2 further rights of renewal of 3 years, with a final expiry of 30 June 2026

Deed of Renewal & Deed of Variation 2019

One further term of 3 years, final expiry 30 June 2029

Deed of Assignment dated 2019

Assignee – Le Viet Group Queenstown Ltd

Deed of Renewal dated 2020

Renewed for 3 years through until 30 June 2023. Redevelopment Clause: Clause 47-48 Of the original lease gives the Landlord the right redevelop the premises and/or extend the first floor.

Rental Valuations:

$265,000 plus GST as at January 2022

Annual Property Outgoings recoverable under the lease:

Queenstown Council Rates = $18,218.96 GST Inclusive Otago Regional Council rates = $1.87 – $6.89 Warrant of fitness costs = $1,700 Insurance costs = $9,728