This article is from the Australian Property Journal archive
A VERMONT childcare investment asset has been sold for $7 million, after receiving 88 enquiries in just 22 days on the market.
A local private investor acquired the property via private sale handled by Ian Angelico of CVA and Joseph Carbone of Vinci Carbone.
The 2,494sqm site at 425-427 Canterbury Road in Melbourne’s eastern suburbs comprises an 827sqm purpose-built facility leased to Goodstart Early Learning, with a licence for 120 places.
It was sold on a 5.48% yield, currently returning $384,000 per annum on a new 10-year lease until 2026.
The vendor is the property’s original owner, having developed the site more than two decades ago.
The agents said the result is further evidence as to the strength and demand of the private investor market sourcing long term well leased investments.
Australian Property Journal
