A Montessori school has been on the property for more than a decade and the present owners of the Marshwood Montessori business purchased it about eight years ago. Last year, they negotiated an extension of their lease for a further 10 years, plus a 10-year right of renewal, with personal guarantees on the lease.
"Montessori is a popular and high-profile model of preschool education and this one has a waiting list," says Haydock. "They are licensed to take up to 40 children in both their morning and afternoon sessions and draw their pupils from Glendowie and neighbouring St Heliers, with the property being not far from St Heliers Bay Rd.
"The value of the property is underpinned by its residential zoning, which allows one residential dwelling for every 375sq m of land. It's located in an affluent residential area and is surrounded by modern, high-quality housing, which means it would be a sought-after residential development site if it ever became available. In the meantime, it provides a superb long-term investment or superannuation opportunity to put in the bottom drawer."
Also located in a well-heeled residential area at 1/272 Jervois Rd, Herne Bay, is a Lollipops Educare preschool facility in a recently refurbished historic building on a high-profile 844sq m corner site, which also has frontage on to Wharf Rd and is almost directly opposite Bayfield School. Surrounding suburbs from which it draws its students also include Ponsonby, Westmere, Grey Lynn, St Mary's Bay and Pt Chevalier. The striking 380sq m building is one of several built between 1887 and 1893 to form the original Bayfield School. The school grew in numbers over the years, but then faced the difficulty of having its classes on one side of increasingly busy Jervois Rd and playgrounds on the other. The matter was finally resolved in 1975 with the opening of the new Bayfield School across the road, where it still stands today.
The multi-room former schoolhouse, built in the Queen Anne style, has recently been completely renovated to provide modern, "state of the art" preschool facilities and is licensed for 59 children. "With the added features of having character high-stud space, polished kauri floorboards and an abundance of natural light, as well as an attractive outdoor play area, this property provides an extremely appealing environment for preschool children," says Cameron Melhuish, who is marketing it with James Chan, also of Bayleys' Auckland office.
The main level of the two-storey building comprises three teaching areas, a kitchen, bathroom facilities, reception and waiting area and staff offices. Off this level is extensive decking and a play area.
The lower level consists of covered and secure carparking for three cars and two storerooms.
Lollipops Educare has a 12-year lease over the property from December 2011 which is producing net annual rental income of $160,000. Lollipops Educare was founded in 1997 and Chan says it has since grown to become a recognised leader in the early childhood sector, with more than 2500 children enrolled in 32 centres nationwide.
The other Lollipops Educare-tenanted property for auction is located at 6 Wilson Rd, Glen Eden in West Auckland and is being marketed by Shane Snijder of Bayleys Counties, John Bolton of Bayleys Manukau and Mark Pittaway of Bayleys Auckland.
It comprises a single-level 425sq m building which has been modernised for a childcare facility and is located on a 1224sq m site. It is licensed for 50 children and has an eight-year lease from February 2008, with two-yearly rent reviews and two five-year rights of renewal. The property is presently producing net annual rental income of $111,283.
"This is a great opportunity to purchase a well-established childcare centre occupied by a very experienced and successful childcare operator," says Snijder. "It is located in the heart of the Glen Eden retail and business precinct, which has been undergoing considerable redevelopment, with a number of nearby older buildings, including the supermarket, having been upgraded recently. The property is also surrounded by residential housing."
