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Market Insights

05.04.2019

Inner-Melbourne childcare centre sale tips $10m

A South Melbourne childcare asset, owned by local developer Melinda Cohen, has sold for $10.25 million.

The deal represents a sales rate of $85,415 per child and is the only child care centre to have sold within 1.5km of the Melbourne CBD in the past five years.

CBRE’s childcare specialists Sandro Peluso, Josh Twelftree and Jimmy Tat were the exclusive sales agents appointed to market the investment property at 97 Tope Street, which transacted on a tight yield of 4.2%.

Featuring 360-degree views of the city skyline, the 1,700sqm facility is currently leased to Guardian Early Learning and provides a passing income of $434,700 per annum.

Mr Peluso said 97 Tope Street was one of the most exciting childcare offerings to hit the market in recent years.

“The site’s corner landholding and city fringe location, only 850m from Crown Casino and 1.5km from the CBD, offer solid long-term investment and future development prospects,” Mr Peluso said.

“The property is currently zoned Commercial 2 and a scheduled review of its zoning will be taking place in 2028. Its blue-chip location and flexible lease inclusions made this opportunity suitable for a range of investor profiles.”

Mr Twelftree commented; ”Guardian is one of the country’s most sought after childcare covenants and a substantial amount of capital has been spent on the property’s fit out.”

“As volumes of new childcare supply decrease, demand for premium offerings remain strong due to landlords’ confidence in tenant ability to achieve and maintain high levels of occupancy into the future.”

Mr Peluso added; “The sale comes off the back of positive press for the childcare industry as Australia’s largest listed providers continue to see strong share price growth.”

“The sector’s improved outlook has also been driven by a reduction in supply, due to tighter planning and borrowing criteria; increased government funding; and population growth in the 0-4 years age bracket.”

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