Agosta family lists enormous new West Footscray childcare centre
A West Footscray childcare centre investment could become the eighth in Melbourne to sell for an eight figure sum.
The Agosta family, owner of Nino Early Learning, is offering the new facility, 282-288 Geelong Road, with a 20-year leaseback.
At the Robbs Road V-intersection, the complex replaced a commercial building and standalone dwellings – a total land area of about 1330 square metres.
The double-storey structure with 25 basement car parks spreads 2228 sqm.
The triangle-shaped building also has an internal courtyard (pictured, right) fitted as with a garden and play spaces.
Nino is offering the asset paying a starting annual rent of $675,000 with fixed increases.
With options, it could stay until 2045.
CBRE’s Josh Twelftree, Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto said the asset is about 550 metres from West Footscray train station.
The site is also within a few kilometres of Victoria University, Highpoint Shopping Centre, Flemington Racecourse and the proposed $1.5 billion Footscray Hospital.
West Footscray is about six kilometres west of the CBD.
Melbourne’s eight-figure childcare centres deals
Mr Twelftree said 282-288 Geelong Road is the first childcare investment worth more than $10 million to be listed for sale this year.
Seven have traded at that level, though.
The priciest, Nino Early Learning Adventures at 11-15 Chadstone Road, Malvern East, exchanged for $16.9m in 2017 – a deal which reflected a low 4.2 per cent yield.
Also in that year, complexes occupied or pre-committed to Nino were offloaded at 365 Bell Street, Preston (for $11m) and 60-62 Florey Avenue, Point Cook ($10m).
An Ashburton complex at 356-358 Warrigal Road sold three years ago, too, for $10.6m.
In 2018, childcare centre investments at 31 Nepean Highway, Elsternwick, and 188 Tucker Road, Bentleigh, traded for $11.3m and $11.8m respectively. Last year, another, 97 Tope Street, South Melbourne, exchanged for $10.25 million.
“The Nino covenant is one of the most highly regarded in the market….the family owned business managing more than 15 operating centres and a development pipeline,” Mr Twelftree said.
“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”.
