A premium early learning investment opportunity looks set to continue to moment set for the sector in the first months of 2021 with multiple transactions and opportunities setting the benchmark for the year ahead by the start of February.
CBRE’s Healthcare and Social Infrastructure team are formally marketing 1 Whitford Way, Doreen which is fully leased to nationally operator Story House Early Learning on behalf of Procon Developments.
In what already represents the third child care listing from the team this year CBRE most recently transacted 30-32 Grey Street Ringwood and 138 Hoffmans Road, Essendon within the first weeks of the year both at yields of circa 5.4% respectively.
The brand new Story House Centre only commenced trading at the start of February and features an initial 20 year lease term plus options and will be sold via boardroom auction in late March.
“While the substantial depreciation associated with a new build is evident and of great appeal to investors even more so is the substantial underlying land value associated with a single level centre such as this. Sitting upon over 3,200sqm of land at the heart of one of the country’s fastest growing municipalities buyers will put substantial stock in that,” CBRE agent Josh Twelftree said.
“Atop this, there is a lease in place to one of the nations most sought after covenant who have a terrific reputation for servicing rental obligations throughout the entirety of 2020 along with a number of other premium early learning providers. Being of a triple net nature means the tenant is also responsible for land tax. Mr Twelftree continued.”
CBRE's Marcello Caspani-Muto added “Now, more than ever, the importance of child care to the Australian economy is evident, with it contributing 0.7% to national CPI on average in Q4 of 2020 – by far the greatest contributor to the economy in this period. If the Australian Government is willing to invest in the space, even during a time of economic crisis, it’s a clear indicator of its ongoing commitment to supporting childcare.”
The centre features passing income of $368,750 per annum and is licensed for 125 places
The property will be sold via portfolio auction alongside multiple service station/convenience retail offerings on the 8th April at Creative Cubes in Hawthorn VIC.
For more information please contact the exclusive CBRE sales and marketing agents below.
Josh Twelftree: 0452 524 985
Sandro Peluso: 0418 389 757
Jimmy Tat: 0439 399 188
Marcello Caspani-Muto: 0417 065 777
