Prestige school lists childcare centre with leaseback
Scotch College Adelaide has listed a new childcare centre with a long leaseback.
The 89-place complex, 77-79 Suttontown Road, Suttontown, in inner north west Mount Gambier, could collect over $5 million, assuming a sub 6.5 per cent net passing yield.
Beyond Early Learning, part of Scotch Enterprises, a wholly owned subsidiary of Scotch College Adelaide, is the occupier.
With 647 square metres – configured as five early learning rooms – the property occupies a 3908 sqm block with 24 car parks.
The rental agreement includes fixed annual rent increases of 3.5pc.
The tenant also picks up GST and outgoings.
With options, it can stay until 2059.
JLL’s Mark Stafford, Thomas Thorsen and Claudia Brace are the agents.
The listing comes three months since we reported prestigious Melbourne college, Korowa, listed a Glen Iris site after deciding not to replace it with a childcare centre and junior campus.
On 3090 sqm, that property is expected to sell for c$10m.
Stonebridge’s Andrew Milligan, Julian White and Chao Zhang are the agents.
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