Waiheke may be better known for beaches, vineyards and long lunches, but Ostend reveals another side of the island’s story.
As Waiheke’s main commercial and administrative hub, it’s where locals come to work, shop and access everyday services – and where freehold commercial investment opportunities are relatively scarce.
That puts 11 Waitai Road - a freehold property that’s home to a purpose-built childcare centre - in an interesting spot.
“Commercial property on Waiheke tends to be tightly held, so when something with an established tenant and a clear purpose comes to market, it deserves a closer look,” says Barfoot & Thompson Commercial broker David Goodhue.
Start your property search
The property sits on a rectangular 1,012m² site and features a tidy, single-level building of around 200m² that was constructed in the early 2000s.
It includes two main activity rooms, offices, bathrooms, an interconnecting kitchen and a covered deck opening to a fenced playground. Off-street parking and a drop-off area sit to the front.
Tots on the Rock Limited occupies the property under a lease running to July 2029, with two further seven-year rights of renewal. The tenancy schedule records net rent of $101,732 per annum, with market rent reviews and CPI adjustments built into the lease.
“The lease gives investors some certainty from day one,” says Goodhue. “And then there’s the neighbourhood.”
Waiheke’s only supermarket, Auckland Council offices, PlaceMakers, medical services, cafés, retailers and professional businesses are all nearby, making Ostend a regular destination for work, shopping and services.
The island’s permanent population is approaching 10,000, with an estimated further 3,400 second or holiday homes – giving local businesses a substantial year-round community to serve.
The property sits within the Commercial 2 (Ostend Village) Mixed Use Zone, is held on one fee simple title and is now offered by Negotiation.
“For investors, it’s a fairly straightforward proposition,” says Goodhue. “The use is clear, the lease is in place and the location does a lot of the heavy lifting.”
- Supplied by Barfoot & Thompson
