New childcare centre in wealthy suburb boasts long-term lease

• Published date: 01 October 2022

302 Coatesville-Riverhead Highway is home to a 598sq m early childhood education centre on a 1968sq m freehold site zoned Business–Neighbourhood Centre under the Auckland Unitary Plan

New Shoots Children’s Centre is the tenant, and the facility, which is consented for 95 children, will be operational before the end of the year. New Shoots has an initial lease term of 18 years with two further rights of renewal for six years each leading to a final expiry of October 2052.

The lease agreement provides $321,100 plus GST in annual rentalincome and there are annual CPI reviews and four-yearly market rent reviews in place.

Coatesville is an affluent rural community approximately 30km northwest of central Auckland and the property is located near local cafes, a market and school.

Colliers directors Shoneet Chand, Matt Prentice and Jimmy O’Brien are marketing the property for sale by deadline private treaty closing at 4pm on Wednesday 26 October, unless sold prior.

Chand says the length of the lease term will be highly appealing for buyers looking to acquire a passiveinvestment with a strong tenant covenant.

“New Shoots occupies 17 sites across the North Island and are highly respected in the early childhood education sector due to...