"The property is on a new 10-year lease to national childcare operator Evolve Group, a market leader in education with more than 120 centres nationwide.
"It is earning $110,000 in net annual rent, with three rights of renewal of five years each. The lease has fixed annual rental reviews tied to the Consumer Price Index and market reviews on renewal."
Situated on three separate freehold titles, the property encompasses a significant land holding of 2173sq m and about 463.5sq m of buildings.
Chand says the property comprises two 1950s-era converted bungalows connected by an extension, along with three storage sheds, two detached garages, ample car parking and large play areas.
"The functional, well-presented childcare centre is licensed for 57 children. It has multiple access points, including a main entrance in the bungalow extension at the centre of the site.
"Outside, there are three distinct playgrounds designed for specific age groups, with a reasonable-sized, all-weather play surface, sandpit, timber fort and various other play equipment.
"Five car parks to the northern end of the site allow for child drop off and collection, while there is plentiful parking on the surrounding residential streets, given the low amounts of passing traffic, especially on Pembroke St."
Chand says the site has add-value potential, with scope for further redevelopment.
"At the rear of the property is surplus land that could provide additional car parking or an extension of the present early childhood centre."
Russell says Ashhurst is becoming an increasingly popular place to live for families wanting a village-type lifestyle with a city commute just minutes away.
"The township, 14km northeast of Palmerston North, is a satellite community with a 2013 census population of 2778. With the recent closure of the Manawatu Gorge, Ashhurst has attracted Hawke's Bay-bound traffic, thus experiencing a major boost to vehicle numbers through town."
