The premises housing a centre run by New Zealand’s leading childcare provider have gone up for sale on an Auckland city-fringe site with multiple options for buyers.
The two-storey freehold property sits in the heart of fast-growing Eden Terrace with dual frontages to Virginia Avenue East and Charlotte Street.
The site is fully leased to Best Start Childcare Facility Newton, generating an annual net rental return of $495,000 plus outgoings and GST.
With over 260 centres from Whangarei to Invercargill, New Zealand-owned charity Best Start is the country’s largest provider of early childhood education.
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The Eden Terrace centre is currently on a month-to-month lease, however, Best Start has expressed interest in signing a new five-year lease.
Described as under-developed by commercial property agents, the more than 1800-square metre mixed-use-zoned site presents exceptional options for a variety of commercial property buyers.
“This is a highly versatile opportunity in a well-connected central location, which has broad appeal and options for passive investors, developers and land bankers,” said Bayleys salesperson James Were.
“There are also options to investigate for owner-occupiers requiring a versatile standalone building with good on-site car parking.”
The freehold land and building at 13-17 Virginia Avenue East, Eden Terrace, Auckland, are being marketed for sale by Were and colleague Phil Haydock of Bayleys Auckland Central.
The property is being offered by way of a tender closing on Tuesday 6 December, unless it is sold earlier.
Were said the approximately 1,376-square metre building sat on a fee-simple site of some 1,882 square metres with 21 car parks.
“The well-presented, versatile two-level building was constructed in the 1970s and purpose adapted and converted for its present childcare centre use in 2002.
“The property is licensed for 136 children and includes outdoor play/activity areas and decks. The upper level also contains partitioned offices and storage areas with associated amenities to both levels,” Were said.
Nine covered and 13 uncovered car parks are available for staff and parents.
Haydock said the property was “significantly underdeveloped”, in an area with a limited supply of comparable development sites.
“This site presents an exceptional opportunity for development given its regular shape, 30 metres of dual street frontage and mixed-use zoning encouraging intensification,” Haydock said.
The Business – Mixed Use zone it forms part of provides for residential development, along with smaller-scale office, retail, food and beverage and healthcare activities.
Haydock said the site had a building height allowance of 21 metres, three metres higher than usually allowed in the zone.
Another key attribute of the property was its prime location fringing central Auckland, he said.
“Eden Terrace is an increasingly popular and sought-after city-fringe suburb. In recent years it has become a prominent residential location following numerous apartment developments, with further complexes under construction.
“The proximity to the CBD, other city-fringe suburbs and major transport links and the intensification of an already flexible zoning is likely to see this location continue to grow both commercially and residentially.
“The City Rail Link is set to provide yet further impetus once completed, with the redeveloped and upgraded Mt Eden Station being around 300 metres from the property for sale,” Haydock said.
- Article supplied by Bayleys
