Charter Hall banks eight figures for childcare centre
Another Sydney childcare centre has sold for an eight figure sum, this time on the Upper North Shore.
The $11.5 million result for 143-145 Pentecost Avenue, Turramurra, reflects a 4.5 per cent net passing yield.
Charter Hall was the seller on behalf of the Social Infrastructure REIT.
CBRE’s Sandro Peluso, Marcello Caspani Muto and Jimmy Tat were the agents.
The buyer is a local investor.
143-145 Pentecost Avenue
On 2244 square metres, the Turramurra complex is leased to US-based Bright Horizons subsidiary All About Children for 27 years or until 2063 with options.
The purchaser won’t be subject to land tax (continues below).
“Achieving a 4.5pc yield for an almost 10-year-old centre is an extraordinary result,” Mr Caspani-Muto said.
“It speaks not only to the quality of the asset, but to the strength of our global social infrastructure platform and our ability to consistently drive premium pricing,” according to the executive.
Mr Tat added “Turramurra is one of the most tightly held and sought-after locations in NSW and the asset eventually sold to a high-net-worth private buyer sourced via our Asian Services team,”
“While based locally, the base of their capital originated across APAC,” he said.
The deal comes a week since we reported a Young Academics Early Learning Centre at Elderslie traded for $11.5m.
Another investment of this type, leased to the same group, at Castle Hill, also sold recently – for $10m.
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