Restaurant owners carve off three sites

Last updated 13:10 13/04/2014
Foxglove
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TOP SPOT: The Foxglove, in a prime waterfront position, is on the market.

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Three prime restaurant opportunities are up for sale in central Wellington.

The Foxglove on the waterfront, Lone Star in Tory St and Matterhorn in Cuba Mall are being sold by Auckland owners Pack & Company.

Pack, which is run by the five- person team of twins Simon and Sam Ansley, Mark Keddell, Matt Bould and Kate Prangnell, is consolidating its operations to Auckland.

Simon Ansley said it was partly a lifestyle choice, but Pack also felt now was the right time to sell as confidence returns to the capital economy.

"We are becoming less of a nationwide hospitality company and more of an Auckland-based company," he said.

"There are family and commercial aspects to [the decision] but we feel in the last six months there's been enough positivity around Wellington to justify going to market."

The three restaurants are being marketed by Rick Stace and Philip Cooper from Colliers' International.

The Matterhorn needs no introduction. It has been a fixture on Wellington's culinary and entertainment scene since the 1960s.

Whoever buys the business will get their hands on a world famous restaurant and bar with serious name recognition.

The Foxglove, at Queens Wharf, is not as well-known as Matterhorn but has become a popular feature of the waterfront dining and drinking scene.

The buyer gets 500 sqm of prime restaurant space, over two levels, and a reputation to maintain as a drinking and eating venue.

The Queens Wharf Ballroom, a function venue which can seat up to 350, is part of Foxglove, along with two smaller bars which can be hired out for functions.

The Lone Star in Tory St is part of a popular nationwide chain of 20 American-style steakhouses.

Pack's existing contract for the franchise includes a right of renewal.

Restaurant Association national president Mike Egan said the sales were a big opportunity. He did not expect one buyer for the three businesses. "Restaurants are hard to sell . . . These might be good for an up- and-coming operator," he said.

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- The Dominion Post

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