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Charter school campus placed on the market for sale
14.10.2019
The land and building housing New Zealand’s first cross-cultural Pasifika-focused charter high school has been placed on the market for sale.
The property at 42 Atkinson Drive in Otahuhu is home to Pacific Advance Secondary School (PASS) – a charter learning institution whose student roll is made up of some 134 Samoan, Tongan, Niuean, Rarotongan, Maori, and Fijian students.
Pacific Advance Secondary School delivers educational programmes and lessons to year 9-13 students under licence to the Ministry of Education as part of the charter school programme.
Sitting on some 2,633 square metres of business mixed-use zoned land, the freehold property at 42 Atkinson Avenue features a two-storey 1,581 square metre commercial building segregated out into multiple classrooms, performance studios, and staff amenity spaces. The school also has its own dining hall – with food prepared in a commercial kitchen on site.
Built in the 1980s, the premises consists of 743 square metres of commercial space on the ground floor, and 803 square metres of space on the first floor.
Pacific Advance Secondary School is on a current 12-year lease running through to 2026 with further 12-year right of renewal, generating an annual net return of $310,587 plus GST. Rental reviews are undertaken every three years.
The Atkinson Avenue property is being marketed for sale by deadline private treaty through Bayleys Auckland, with the offer process closing on October 17. Bayleys salespeople Ben Bayley and James Hill said the L-shaped building was serviced by a large asphalt sealed car parking space at the rear – with room for some 42 vehicles, including seven under cover and five within a garage.
“For any new owner of 42 Atkinson Drive, the tenancy by the Pacific Advance Secondary School ensures a substantial holding income is derived over the medium to long term while potential redevelopment options are explored,” said Mr Bayley.
Auckland Council’s business mixed-use zoning classification allows for developments which soften the demarcation line between purely commercial zones and residential areas. Subject to consents, buildings up to four storeys high can be constructed to a maximum height of 18 metres.
“This would allow for the construction of a more intensified commercial entity on the site – with the potential for the lower level to sustain a covered car-parking facility,” he said.
Mr Hill said neighbouring properties around the Pacific Advance Secondary School campus included a proliferation of light industrial operations in the automotive sector as well as multiple small retail premises – encompassing convenience and fast food outlets, and stereotypical neighbourhood community stores.
“Atkinson Avenue is a virtual demarcation line between the residential portion of Otahuhu to the east, and the light industrial and business activities taking place to the west,” Mr Hill said.
ends
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New Zealand
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