New-wave childcare for Whenuapai
A newly completed childcare centre, with an 18-year lease to established provider New Shoots, is for sale in fast-growing Whenuapai.
The 2200sq m freehold property at 1-9 Maramara Rd, will be auctioned by Colliers International at 1pm on November 14, unless it sold earlier.
“With its high-growth location, long lease, strong tenant covenant, stylish fit-out, this purpose built centre makes an ideal investment,” says Josh Coburn of Colliers’ West Auckland office.
“Completed two months ago, the single-level building was designed by Collingridge and Smith Architects. The 575sq m building features a unique timber exoskeleton, which rolls like a wave along its eastern and western facades.”
He says the tenant is one of the fastest-growing providers in the early childhood education sector.
New Shoots is signed to a new 18-year lease returning $257,400 in net annual rent, with two rights of renewal of six years each. The lease is backed by personal guarantees.
“With annual rental reviews indexed to inflation and market reviews every four years, this is an ideal passive investment with lockedin income growth potential.”
Director Shoneet Chand of Colliers’ North Shore says the centre is licensed for 90 children.
“This brand new, state-of-the-art facility is divided into year-based class rooms for ages 1 to 5, each of which opens out to the western-setting sun and a 560sq m sheltered outdoor play area. On the eastern boundary lies a generous car park of for staff and child drop-off and pick-up.”
New Shoots has a reputation for quality learning, with Education Review Office reports within the top 10 per cent nationwide.
“Established in 2010, the company operates 10 childcare centres between Auckland and the Bay of Plenty, with another seven centres due to open within the next two years,” says Chand.
“New Shoots is run by three owner-operators with more than 60 years of collective experience within the sector. The company also benefits from strong financial backing.”
The Gillespie Investment Trust purchased a substantial share of the business in 2015, enabling it to expand significantly, while Milford Asset Management’s private equity fund also invested in a large share of the business this year.
The property sits in the centre of Whenuapai, next door to the planned new town centre and across the street from a park with a playground and the popular Parkhouse Cafe.
Colliers’ Caroline Cornish says Whenuapai is a liveable, compact and accessible area with a mix of highquality residential and employment opportunities, making the most of its extensive coastline.