This article is from the Australian Property Journal archive
ONE of the first childcare centres offered publicly in 2020 is coming the market, with over $10 million anticipated for the Nine Early Learning Centre in Melbourne’s West Footscray.
The brand new purpose-built facility sits upon 1,330 sqm of general residential zoned land at 288 Geelong Rd West Footscray is being offered through CBRE’s Josh Twelftree, Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto for the Agosta family.
The family owned Nino business has a network of over 15 operating and forthcoming facilities in the pipeline. Several properties in Melbourne leased to operator have sold over the past couple of years, including a Malvern site at 11-15 Chadstone Rd for $16.9 million, representing a 4.2% yield.
Nino sites have also traded in Preston, for $11 million at 4.4% and in Elsternwick, for $11.3 million at 5.97%, and a Melton property sold for $7 million on a yield of 5.59%.
“Over the past five years, investors have been competing strongly for similar childcare centres – recognising the expertise of the group and premium nature of the improvements in each facility it operates,” Twelftree said.
Peluso said Footscray’s underlying demographics bode extremely well for demand prospects.
Expressions of interest close 28th May.
About 18 months ago, an offshore investor based in China has paid $11.7 million for the Buckets Early Leaning centre in Bentleigh, in Melbourne’s south-east bayside region, on a yield of 5.53% yield.
