Clarence sells new bayside childcare centre
Clarence Property has completed the funds through sale of a childcare centre in Brisbane’s bayside Lota.
The $7.45 million off-market deal for the Guardian backed complex at 215 Whites Road reflects a 5.04 per cent passing yield.
It also prices each place at $80,107.
The buyer is a first time commercial real estate investor.
The deal comes a week since we reported the diversified asset manager paid Centuria $42m for Yamaha Motors Australia’s state headquarters, at Murarrie.
In June meanwhile, it bought Metro Middle Park – on 2.1 hectares with residential development upside – from Horizon Investments for $40.4m.
Guardian Lota
Opened four months ago, Guardian is committed to the Lota property, branded Guardian Childhood and Education Manly West, for an initial 15 years.
Clarence paid $1.25m for the 1930 square metre block which made way for the asset in early 2023; for years it accommodated a dwelling.
It was represented for the onsale by Stonebridge Property Group’s Tom Moreland, James Fremantle, Michael Collins and Thomas Proberts.
“The childcare market remains strong and the Lota project has proven to be an excellent fund through development for Clarence Property, delivering a high-quality asset and a great outcome for our investors,” Clarence head of Capital Transactions, Ben Somerville, said.
Headquartered at Ballina, Clarence was formed in 1994 by then Northern Rivers real estate agent Peter Fahey.
Lota is 24 kilometres east of the CBD.
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