This article is from the Australian Property Journal archive
A SYDNEY-based fund manager has snapped up a multi-storey childcare centre in Artarmon for $14.8 million, in one of the largest single childcare centre transactions in Australia’s history.
Peritus Childcare Sales’ principal Peter Fanous handled the sale of the Greenwood Artarmon facility located at 60 Dickson Ave Artarmon.
Fanous said the competitive expression of interest campaign and bid process attracted numerous local and three international groups.
The property was acquired on a 7.00% net yield with 14-years remaining to Australia’s most premium childcare tenant, G8 Education.
“This transaction is the third largest freehold childcare centre transaction in Australia’s history and the largest price paid for a single childcare centre since early 2018.
“The property is strategically located in the very affluent and economically robust Sydney’s lower north shore suburb of Artarmon, approximately 5.5 km north of the Sydney CBD. The average household income of Artarmon residents is $155,467 per annum which is 58% higher than the national average household income,”
Fanous added, “Artarmon benefits from economically diverse catchment with a worker population of 10,137 people employed in 1,820 businesses. Artarmon generates $1.59 billion of Value-add by industry per annum.”
The brand new purpose-built four-level centre extends over approximately 3,000 sqm of gross building area and is licenced for 149 places.
