Operator beats developer to Sydney childcare centre
A 1970s Lower North Shore childcare centre, marketed for its potential to yield over 20 apartments, has instead sold to an operator.
Not for profit SDN Children’s Services, via the Sydney Day Nursery Association, banked $9 million for 8 Rodborough Avenue, Crows Nest.
Discover My World Early Learning Centre is the buyer.
The group will refurbish and occupy the 75-place complex on 1485 square metres abutting Cammeraygal High School Senior Campus, near North Sydney Boys High School.
It expects to reopen next year.
The group also operates at Engadine and North Kellyville.
Colliers’ Tom Appleby and Marina Corvalan were the agents.
The property was marketed for its potential to yield a circa four-level building with c2226 sqm (continues below).
Discover makes it three
In a tree-lined cul-de-sac, zoned High Density Residential, 8 Rodborough Ave is opposite Abadeen’s Koyo residential development, set to rise four floors with 27 units.
The property has a long association with SDN, dating to 1926 when it accommodated a bungalow called Tramore, and was used for a nursery.
It was rebuilt as a childcare centre in 1976.
Sale proceeds will be reinvested into other assets in areas where affordable early childhood education is needed, the vendor said.
Last week realestatesource.com.au reported Stockland banked over $21m from two modern Sunshine Coast childcare centres.
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