Chauvel banks $12m from childcare centre
Chauvel Capital has offloaded a four month old childcare centre in Brisbane’s north Kallangur.
The c$12 million result for the Lead Childcare backed facility at 100 Cecily Street reflects a five per cent net passing yield.
Licensed for 206 clients, it contains 1760 square metres.
The 4276 sqm block also includes a pool and 30 car parks.
Sydney based Chauvel was represented by CBRE’s Sandro Peluso, Jimmy Tat, Marcello Caspani-Muto, Michael Hedger and Will Carman.
The deal comes a day since we reported the Lutheran Church sold a 4.5 hectare Rothwell site to a developer for $20.1m.
Lead Childcare Kallangur
The Lead Childcare asset was bought by a Brisbane investor (story continues below).
“The reinstatement cost for this centre was notable and a key driver of the appeal to the majority of investors, in conjunction with a covenant in Lead who is held in high regard across the Queensland childcare market.” Mr Peluso said.
“The outcome of this sale demonstrates the strength we are seeing in investor appetite for social infrastructure-related assets which have only seen marginal yield softening over the past 12 months,” he added.
“As investment opportunities diminish across the sector nationally, we expect yields to compress across this space,” according to the executive.
Mr Tat said the amount of supply announced this year is declining.
“This is not from a lack of tenant appetite but from a pure developer feasibility perspective,” he added.
“We have no doubts the efforts of this decline will be seen at some point in 2024 from an investor perspective”.
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