Crowd-pulling historic entertainment pub goes up for sale
Thursday 4 June 2009, 9:38AM
By Bayleys Realty Group
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A well-known Christchurch establishment built in 1882 for the princely sum of nearly £3000, and a venue which has hosted some of the big names in New Zealand’s music scene, will go under the hammer on Thursday June 4.
Churchill’s Public House is being marketed by Peter Harris of Bayleys Christchurch. The landmark property is located on the prominent corner of Colombo and Battersea Streets in Sydenham, where the two-storied property is a freehold title of 875sq m and is zoned Business 2.
Originally built as The Club Hotel, Churchill’s now comprises a restaurant and bar at the front of the property with the main bar, TAB facilities and gaming room to the rear. The total floor area of the property is 930sq m - with the building being in good condition following a recent exterior repaint.
“The upstairs level of the property is currently unused but has recently been renovated with framing now in place for four offices. There has been a flat upstairs at some stage with a bathroom and kitchen still in place, and potentially there could be apartment space created,” says Harris, adding that the appropriate research would need to be undertaken to ascertain the feasibility and consents needed for this.
A 25-year lease is in place that has 13 years still to run, with the expiry date in March 2022. The annual rental return is $203,700 net plus GST with rental reviews scheduled two-yearly.
“The current owner is very motivated to sell the property and indications are that a buyer could expect a return in the vicinity of 11 percent per annum. This makes the property very appealing for either a trust or a traditional commercial investor. A return of that nature is very favourable given recent trends showing most returns on commercial investment below the ten percent mark,” says Harris.
According to the website for Churchill’s Public House, the establishment was built 127 years ago by Stephen Lawrence with a loan of £2800 from the brewery. The licensee from 1951-1988, Bernard Lawrence, held the second longest publican’s tenure on record in Christchurch and introduced the TAB in 1954.
Along with being a major housie venue in the ‘60s and ‘70s, the establishment was a trail blazer in the live pub entertainment scene with stars of the time - Yolande Gibson and Jack Thompson - making regular appearances.