Tuatara's Wellington tasting room building on the market

JUST OPENED: The Tuatara Brewing Company Third Eye micro-brewery and tasting room. The building is now for sale.
FAIRFAX NZ

JUST OPENED: The Tuatara Brewing Company Third Eye micro-brewery and tasting room. The building is now for sale.

The Wellington city building where the Tuatara Brewing Company opened its new Third Eye tasting room and micro- brewery has been put on the market by developer Clem Griffiths.

The sale comes just months after the completion of a makeover of the long-derelict former Boys' Institute building in Karo Drive.

The two-storey masonry block in Te Aro was formerly owned by Transit which bought it about 15 years ago to make way for the State Highway 1 inner-city bypass.

It was to have been demolished before Transit relented, had it reinforced and moved on rails to the end of Kelvin Grove at a cost of around $700,000.

However, it was boarded up and abandoned until it was sold to Griffiths last year for $330,000.

Griffiths said it was a pigeon- infested bare shell when he bought it and estimated he spent about $200,000 clearing it out and completing a new fitout for Tuatara.

Colliers International agent Rick Stace described it as a landmark on the inner-city bypass near the top of Cuba St.

As well as being a micro- brewery and tasting room, it also had contemporary open plan office space for Tuatara on the first floor. Engineers have assessed it to be 67 per cent of new building standard.

The property has parking for three cars and an outdoor events area.

Tuatara has a six-year lease with rights of renewal extending that to 12 years.

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The property is returning a gross annual income of $86,420.

 - Dominion Post

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