A premium quality childcare centre in Brisbane’s Chapel Hill sold for $7.66 million yesterday.
The double storey complex at 11-15 Moordale Street contains 828 square metres of internal area, outdoor play spaces and a 25-bay basement car park.
Green Leaves Early Learning recently committed to a 15-year lease, paying annual rent of $437,720 plus GST and all outgoings including maintenance (structural and capital), insurance and land tax.
On that basis, the property is exchanging on a net passing yield of 5.71 per cent.
The venue is licensed for 124 places.
With options, the occupier – which has a national network of 29 childcare centres – could stay at 11-15 Moordale Street until 2044.
Chapel Hill is about seven kilometres west of the city and this site is about 700 metres from Indooroopilly Primary School.
Burgess Rawson auctioned the property as part of an interactive Portfolio event yesterday, with investors bidding from bases set up in Sydney, Melbourne, Brisbane, Perth and Canberra.
Last month we reported that Mike Wu and Shan Kuo, the husband and wife operators of Little Lane Learning, listed for sale a portfolio of seven childcare centres on Australia’s east coast, speculated to be worth a total of about $150 million.
One of the centres within that portfolio, in Brisbane’s inner north east Bowen Hills, and said to be worth about $35 million, would set a record for the highest price paid for an investment of this type in Australia – currently held by a complex in Sydney’s Artarmon which traded for $21 million last year.