This article is from the Australian Property Journal archive
A CHILDCARE centre in Melbourne's eastern suburb of Blackburn South has sold under the hammer for $886,000 on a yield of 4.7%.
Sutherland Farrelly’s Michael Major and Paul Farrelly handled the sale of 20 Richmond St Blackburn South.
The 32 place centre on a 741 sqm site, is securely leased on a five-year term plus two further five-year options commencing May 2014, at a passing rental of $42,228 a year plus GST.
Major said the property attracted solid interest, with investors buoyed by the long-term lease covenants, high underlying land values and sub $1 million opportunities.
Australian Property Journal
