A renovated childcare centre in Tecoma, on the foothills of Melbourne’s Dandenongs Ranges, has sold for $4.4 million to an interstate investor.
At 4 Rutherford Road, the 78-place complex was offered with a 10-year lease to Mayfield Childcare Limited.
With options, the occupier can stay until 2049.
The asset contains a 550 square metre structure, playground and car park.
The site spreads 2779 sqm (story continues below).
Tecoma is about 35 kilometres east of the city.
Savills agents Mark Stafford and Julian Heatherich said there are a number of “motivated and active investors” chasing this kind of product as well as retail, medical, service stations and offices.
Last month HomeCo acquired two Melbourne childcare centres for an essential services focused REIT: at Tarneit and Essendon.
Five assets of this type sold in the weeks prior including a 73-place complex at 1 Sparks Avenue, Burwood, for $7.11m.