Another suburban Melbourne child care centre has sold for a multi-million dollar sum.
This time, in the northern suburb of Mickleham, a premium-quality brand new investment on a 2933 square metre block sold for $6.35 million.
The 895 square metre centre at 459 Brookfield Boulevard (pictured top and left) is registered to accommodate 140 children per day.
Nino Early Learning is the occupant, paying annual rent of $420,000 on a lease running 20 years.
Mickleham is a new and fast-growing suburb about 32 kilometres north of the Melbourne CBD.
“The [Mickleham] property, which has been under negotiation for 12 months, proved good things do in fact take time” CBRE director Sandro Peluso said.
“Investors have continued to hold the Nino covenant in high regard with the operators now featuring 18 centres nationwide either in operation or the development pipeline,” the agent added.
“Although there has certainly been an influx of supply in growth corridors such as Hume [which Mickleham is within], investors’ attention continues to gravitate to premium operators with a track record that increases income security”.
Colleague Josh Twelftree said “a substantial volume of surrounding supply drew out the sale processes, however the more time that past and the further occupancy rates climbed, this centre clearly differentiated itself from its competition, improving investor sentiment”.
Another CBRE broker, Jimmy Tat, also worked on the deal, which valued each square metre of building area at $7095.
The sale of 459 Brookfield Boulevard, Mickleham comes five weeks after a complex in nearby Epping traded for $5.3 million. This property, 236 Harvest Home Road, is licensed for 135 places, and leased to One Early Education Group, until 2033.
In Doreen, about 26 kilometres north-east of the CBD, a childcare centre forming part of a mixed-use complex recently sold for $15 million.
A little closer to town in the north-east, a childcare developer paid $3.25 million for a building block in Bulleen, in October.