Taverners banks $36m from Melbourne childcare centres
Taverners Group, the investment office of ex-Patrick Corporation co-owner, Peter Scanlon, is banking $35.5 million from the sale of three modern Melbourne childcare centres on behalf of clients.
In the priciest deal, a 158-place facility, 1 Lauer Street, also covering 799-801 Doncaster Road, Doncaster, is collecting $15.5 million – a 6.05 per cent net passing yield – from an interstate investor.
Leased to Imagine Childcare until 2037 (or 2047 with options), it offers depreciation benefits – completed two years ago.
The site spreads 1968 square metres with 34 car parks.
Mr Scanlon sold his Patrick Corporation interest to Toll Holdings in 2006.
Asian investor swoops on Heathmont asset
Meanwhile in Heathmont, a 139-place Grow Early Education backed centre has traded for $12.01 million – a 5.83pc return.
On 2973 sqm at 203-205 Canterbury Rd, with 30 car parks, it opened last year.
With options, the tenant can stay until 2053 (story continues below).
The initial lease, expiring in 2043, includes annual rent increases the greater of CPI or three pc.
The buyer is Asia based.
Avondale Heights centre flipped
In Avondale Heights, north west of town, a near new, 102-place facility leased to Nido Early Learning (pictured, top) is selling for c$8m – a 5.79pc yield.
Taverners paid about this amount for 5-7 Clarendon St – a 1414 sqm asset with 16 car parks – last August.
The buyer is a local investor.
Stonebridge’s Rorey James and Kevin Tong brokered the three deals.
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