Melton chidcare centre sells for second time in 16 months
A central Melton childcare investment has sold for the second time in 16 months.
Backed by Little Stars, the 100-place centre, 8-10 Sherwin Court collected $5.355 million following an expressions of interest campaign.
The vendor paid $4.216m at a bulk auction event last August.
The deal comes three months since the former Evolve Christian Church in the suburb, 16-18 Palmerston Crescent, sold permit-ready for a 103-place childcare centre conversion.
Long haul tenant
On 4004 square metres – or just under an acre – with 23 car parks, 8-10 Sherwin Ct is Little Stars’ seventh Victorian venue (story continues below).
With options, the tenant can stay until 2064.
The asset also offers development upside with plans for a 31-place extension subject to approval from the Department of Education.
“While the Christmas and new year period is typically a shutdown for agents, we have found this period to be one of the most successful for us over the past 10 years with many high-net-worth private investors interested in making investment decisions at this time,” CBRE’s Marcello Caspani-Muto, who marketed the Melton asset, said.
Colleague Sandro Peluso added “the tenant…has a great reputation and has carved out its own niche at affordable price points for parents in a market typically focused on high quality and high cost childcare”.
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