One of Auckland's best known pubs has been put on the market for urgent sale.
The pub previously known as the Muddy Farmer, located on the ground floor of the Heritage Hotel building, was one of the city's most popular Irish pubs, but it has a chequered history.
It was previously owned by Oasis Properties and was part of string of hospitality businesses which included the landmark Albion Hotel just up the road, that was part of businessman Michael McGurk's diverse investment interests.
But when McGurk's empire collapsed under the weight of its debts the Muddy Framer was sold by mortgagee sale and acquired by its current owner Millennium 1st Group, and the pub's name was changed to Frankies.
But things did not go smoothly for Millennium 1st Group either and in November last year the company was put into liquidation.
Millennium 1st is owned by Northland businesswoman Wei Wang but according to the liquidator's report they were contacted by Meisheng (known as Max) Zhu who told them he was Wang's husband and a former director of Millennium 1st and was authorised to act on Wang's behalf.
Zhu told the liquidators that Millennium 1st owned three properties, one of which was the Frankies, (which Millennium 1st owns on a freehold strata title) and Frankies was operated by a related party (Frankies Bar and Restaurant Ltd, of which Zhu is the sold shareholder and director).
Payment in full was subsequently made to all third party creditors and Millennium 1st's liquidation was terminated by order of the High Court in June this year.
The property has now been listed for urgent sale with Colliers International on a tight timeframe, with tenders closing on September 19.
Because Frankies is still operating, the property is being sold with existing liquor and gaming licences in place.
However Oscar Kuang, one of the Colliers agents handling the sale, said buyers have the option of acquiring the property with vacant possession.
The property is unusual in that it is mortgaged to NZ Guardian Trust and must have been one of the last to obtain a mortgage from Guardian before it stopped providing new mortgages and started winding down its mortgage portfolio.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.