This article is from the Australian Property Journal archive
A LOCAL childcare centre developer has purchased a 1,130 sqm site in Glen Waverley for $2.35 million, looking to cater for growing demand in Melbourne’s suburbs.
Savills agents Julian Heatherich, Benson Zhou and Mark Stafford negotiated the for 680-682 Highbury Rd deal via private sale, at a land rate of $2,800 per sqm and a cost of $20,800 per place.
Located within a neighbourhood residential zone 4 area, the property has approved plans for a two level, 113 place child care centre and 24 secure basement car spaces, and is currently improved by a double storey residential dwelling with a tennis court that returns monthly income of $4,044.
Heatherich said developers were drawn to the site’s close proximity to 18 quality primary and secondary schools, as well as its location within 1.5 kilometres of The Glen Shopping Centre, which is undergoing a $490 million redevelopment.
In recent week, Savills sold the strata-titled Mitcham childcare development site at 14-16 Simla St off-the-plan for $7.1 million.
“Demand in the child care sector has been continuing to build as developers and operators identify strategic locations with strong surrounding growth fundamentals,” Heatherich said.
“We’re of course seeing continued rapid population growth throughout Melbourne’s inner and outer suburbs. Glen Waverley’s population alone is anticipating a huge growth of over 11,000 residents by 2041, making the child care sector ideal for secure, prime investment.”
