A modern, purpose-built early childhood education centre in the popular Rosedale commercial precinct on Auckland’s North Shore is being offered to the market for sale.
Located at Unit 14, 56 Apollo Drive, the stratum in freehold property has 1,115sq m of net lettable area and is licensed for 100 children.
Built approximately 10 years ago by the reputable Kea Property Group, the facility is a well-designed centre that is leased to global brand Busy Bees Apollo. It also provides convenience with 19 on-site car parks.
Returning $288,560 plus GST in net annual rental income, the current tenant has a long-term lease with fixed annual rental growth, providing investors with an attractive income profile.
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Situated on a prominent corner position with dual access and frontage to Arrenway Drive, the centre anchors a successful commercial and retail development that is near the busy arterial route Constellation Drive as well as the Upper Harbour motorway interchanges.
Colliers Brokers Shoneet Chand, Matt Prentice, and Ronal Prasad have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 31 March, unless sold prior.
Chand, Director of Investment Sales at Colliers, says the asset offers buyers the opportunity to acquire a passive investment with a steady rental stream.
“The current lease for Busy Bees runs through until November 2031 with two further rights of renewal for five years each, leading to a final expiry in 2041,” Chand says.
“With fixed annual increases of 1.5 per cent plus market renewals in 2031 and 2036 there is built-in rental growth that will be coveted by investors.
“Early childhood education centres remain a sought-after asset class given the sector features many highly established operators that commit to locations for the long term.”
Prentice, Director of Sales and Leasing at Colliers, says Busy Bees is a well-known presence in the early childhood space with a global reputation.
“Founded in 1983 and headquartered in the UK, Busy Bees Group is majority owned by the Canadian-based Ontario Teachers’ Pension Plan and cares for 75,000 children worldwide. Having started in New Zealand over 13 years ago, Busy Bees now has over 80 centres from Northland to Timaru,” Prentice says.
“They are committed to delivering top-quality educational experiences and represent a highly established tenant at the subject property.”
Apollo Drive provides an important link through the Rosedale commercial and industrial area, connecting Constellation Drive with Rosedale Road, Arrenway Drive, and nearby streets.
The surrounding area is largely made up of modern industrial and office buildings, most of which were developed from the mid-2000s onwards. Auckland’s CBD can be reached in approximately 15 minutes outside of peak traffic periods.
Prasad, Associate Director of Investment Sales at Colliers, says Rosedale and the surrounding area is well served by amenities.
“Cafes and outlet shopping stores are all a short drive away, while Albany provides access to the Westfield mall, Massey University, and a range of new residential housing,” Prasad says.
“Overall, this property offers buyers the chance to secure an asset that sits in a busy location and has strong investment fundamentals.”
- Supplied by Colliers
