Local operator leases ex-Guardian childcare centre
A local childcare centre operator has leased a longstanding facility last occupied by Guardian in bayside Melbourne.
The 94 place complex, 37 Blackwood Avenue, Mentone, will now become a Bayside Early Learning centre.
The sudden departure last year by Guardian delivered a windfall for the landlord, a private investor, according to CBRE’s Sandro Peluso, who managed the campaign with Jimmy Tat and Marcello Caspani-Muto, said.
Specifically, the per place rate increased from $2750 to $4000, he added.
The deal comes three weeks since we reported US based Guidepost Montessori leased its maiden Australian property, in Doncaster.
In 2024 meanwhile, Singapore based Kinderland Early Learning committed to a podium-level property, part of Golden Age Group’s Sky Square project in Box Hill, for its first Australian facility.
Community cornerstone
Completed over 30 years ago, and since occupied as a childcare centre, 37 Blackwood Ave was a decade ago trading as Creative Beginnings.
The floor area is 609 square metres – all of which is renovated. The site spans 1873 sqm with outdoor play zones. There are also 14 car parks and the road infrastructure for efficient pick-up and drop offs (continues below).
“The result highlights the depth of demand for quality childcare opportunities in established metropolitan catchments,” Mr Peluso said.
“Even with a 30 year old building, operator confidence in the location allowed us to deliver an exceptional rental uplift and secure a premium tenant,” he added.
“The best suited tenant was always going to be someone hands on with local experience,” according to the executive.
“Achieving $4000 per place in a legacy facility underscores the strength of the underlying land, the scarcity of well located centres and the continued resilience of the sector”.
The property sits within the City of Kingston, where some 13000 dwellings are earmarked over the next 20 years, Mr Peluso said.
Late last year we reported two Guardian backed childcare centres sold at Bentleigh East and Caulfield North – both not far from Mentone.
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