Childcare to replace Glenroy’s historic Glenlyn
A childcare centre operator has leased a c1888 historic Glenroy home, part of James Chapman’s Forest Hills Estate.
Mindchamps will pay an initial starting rent of $655,000 ex-GST for Glenlyn at 34-36 Finchley Avenue – which is now being fit-out.
The Victorian Italianate mansion until a few years ago accommodated an aged care home.
The western part of that block, since sold-down, has made way for townhouses.
Glenlyn was chosen to be childcare with a permit then obtained for 119-places.
CBRE’s Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto were the agents.
Mindchamps, headquartered in Singapore, manages 21 assets including elsewhere in Victoria and New South Wales.
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“There is an emerging trend of notable global childcare operators in Singapore, China and Vietnam wanting to expand into our most notable Australian markets, typically Victoria, New South Wales and Queensland,” Mr Tat said.
“Operators are doing this directly via the parent company or, in some cases, a franchise type model with relevant security provided,” he added.
“This lease is just one example of a tenant we are assisting directly in their growth aspirations and partnering them with the right developer to see success is critical,” according to the executive.
“They have slightly varied educational models from most Australian providers so some adjustments to floor plans can also be required”.
Mr Peluso said although the property doesn’t have main street exposure, it achieved an outcome 31 per cent higher than the Glenroy rental average.
“The difference in operator preferences across childcare has always been significant,” he added.
“Many providers were turned off this development purely due to it not being main road facing,” according to the executive
“However, there is a growing trend of operators who feel access and egress can cause stress for parents in high traffic environments.
“Where the market demand is suitable, many operators are willing to consider side streets and residential streets where there is still good proximity to key amenities but less traffic”.
Glenroy is about 12 kilometres north of Melbourne’s CBD.
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