Opportunity in city fringe childcare site
The premises housing a childcare centre have gone up for sale on an Auckland cityfringe site with multiple options for buyers.
The two-storey freehold property sits in the heart of Eden Terrace with dual frontages to Virginia Ave East and Charlotte St.
The site is fully leased to Best Start Childcare Facility Newton, generating an annual net rental return of $495,000 plus outgoings and GST.
The centre is currently on a month-tomonth lease. Best Start has expressed interest in signing a new five-year lease.
Described as under-developed by commercial property agents, the 1800sq m mixed-use-zoned site presents exceptional options for a variety of commercial 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 owneroccupiers requiring a versatile stand-alone building with good on-site carparking.”
The freehold land and building at 13-17 Virginia Ave East are being marketed by Were and colleague Phil Haydock of Bayleys Auckland Central. The property is being offered by tender closing on Tuesday 6 December, unless sold earlier.
Were said the 1376sq m building sat on a fee-simple site of 1882sq m with 21 carparks. “The well-presented, versatile two-level building was constructed in the 1970s and converted for childcare use in 2002.
The property is licensed for 136 children and includes outdoor play/activity areas and decks.
Haydock said the property was “significantly under-developed”, in an area with a limited supply of comparable development sites. “This site presents an exceptional opportunity for development given its regular shape, 30m of dual street frontage and mixed-use zoning encouraging intensification.”