66 Everglade Drive, Goodwood Heights, Auckland - Manukau

Located at 66 Everglade Drive, Goodwood Heights, Auckland - Manukau, this commercial property, designated for educational uses, presents a unique investment opportunity. Constructed in 1992 with a floor area of 375 sqm and sitting on a freehold land parcel of 1080 sqm, the building features fibrous cement walls in good condition and an iron roof also in good condition. It is currently leased to a national tenant, BestStart Educare, a leading childcare provider with over 270 centres across the country. The property is licensed to accommodate 50 children and has been a cornerstone in the community for over 20 years, benefiting from its prime location adjacent to Everglade School.

From a financial perspective, the property has seen a significant increase in capital value, from $1,125,000 in July 2017 to $1,900,000 in June 2021, marking a 68.89% increase. The latest HouGarden AVM estimates its value at $1,867,500, with the most recent sale on December 6, 2023, fetching $1,850,000, up from $634,500 in June 1997. The property generates $135,949 per annum plus GST in net income, with a secure government-backed income and potential for rental increases, given the market reviews every two years.

In terms of education, the property falls within the zones for Manurewa High School, a secondary school with a decile rating of 1, and Everglade School, a contributing primary school with a decile rating of 4. This location ensures the property is well-situated to serve the educational needs of the local community, making it an attractive proposition for investors looking for a property with a stable tenant and a strong connection to the community.