Melbourne childcare centre fetches $10m
Sydney based asset manager Rethink Investing has swooped on a south east Melbourne childcare centre leased until 2065 with options.
The Mayfield Early Learning complex at 1A Bernard Street, Cheltenham, set it back $9.78 million.
ASX-listed Arena REIT was the seller.
CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat were the agents.
Another interstate investor
On 2597 square metres at the north east corner of Chesterville Road, Mayfield Early Learning Cheltenham has 22 car parks.
Permitted for 120 children, it was renovated just before the tenant moved in five years ago.
The annual income is $610,000 ex-GST.
The initial lease, running 35 years, expires in 2055 with a 10 year option.
The deal comes a fortnight since we reported an interstate investor paid $12.4m for a Laverton North Industrial investment.
Last month meanwhile a Perth investor bought a Horsham Bunnings before auction while in September, a New South Wales buyer acquired a Preston showroom – part of the Northland Homemaker Centre.
A key driver agents say, is the city’s relatively higher yields compared to previous years and other major markets.
Cheltenham is about 18 kilometres south east of Melbourne’s CBD.
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