Italian dual-eatery sale offers “pizza the action”

il bucoAn iconic Auckland pizza brand with dual locations in the central business district and Ponsonby has been placed on the market.

il buco, which is Italian for hole in the wall, was established in Ponsonby 13 years ago. It was renowned as the first to offer authentic Roman “pizza al taglio” or pizza by the slice in New Zealand.

The two il buco eateries are being jointly marketed for sale as one entity by Bayleys Real Estate Business brokers Leah La Hood and Meredith Graham. La Hood said expressions of interest to buy the two businesses would be taken up until November 11.

The busy takeaway and sit down Ponsonby Rd location can seat up to 18 customers outside and is currently paying $18,720 plus operating expenses and GST.

il buco Vulcan Lane opened in 2014 and now runs as a weekday venue for lunches only. The venue is fully licensed and seats 26 inside and out. There is opportunity to open in the mornings, evenings and weekends in this high profile area. The annual rent is $45,000 per annum plus operating expenses and GST.

Both locations have separate leases in place until 2023 on the basis that all rights of renewal are exercised.

Daily preparation work is done in Ponsonby with fresh pizza delivered each morning to Vulcan Lane in the il buco branded VW Caddy.

“The two venues run complementary operations. The CBD branch serves casual corporate clientele during the lunch period while il buco Ponsonby is very much a neighbourhood all day dining establishment drawing its customer base from the immediate Ponsonby/Grey Lynn/ Freemans and Herne Bay locales,” said La Hood.

“Pizza is part-made in advance and finished off in a format which allows stock levels to be kept at an optimum, minimising waste.

“Access to an evening operation allows for the transferal of any surplus food items prepared but not sold during the lunch service. This maximises production efficiency while minimising waste. The business also has a ‘zero carbon rating’ with sustainable business practice charity Conscious Consumers.”

Graham said the Vulcan Lane il buco location had recently undertaken successful initial market research on the potential of increasing its out-catering sales, with a view to replicating the out-catering success enjoyed by the Ponsonby branch.

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