Singapore childcare giant commits to $435m project
Singapore based childcare giant Kinderland Early Learning has leased a high profile centre, part of Golden Age Group’s $435 million Sky Square project, at Box Hill.
The arm of Kinderland International Education has signed up for the 519-525 Station Street tenancy – 878 square metres of internal area with an 812 sqm terrace and 10 car parks – for an initial 15 years.
Starting annual rent is $545,700 or $5100 per child (it is licensed for 107 clients).
The facility is expected to be the group’s local flagship.
Fourteen kilometres east of town, Box Hill, following a building boom in recent years, is considered ‘Melbourne’s second city’, replacing a title for decades held by Dandenong, 35km south east of the CBD.
Kinderland expands in Australia
Established in 1978, KIE also operates in Bangladesh, Cambodia, China, Indonesia, Malaysia, as well as in its home town; its portfolio includes over 120 centres.
In Australia, it has been in a partnership with Bright Early Learning since 2011; it controls one complex, spreading 560 sqm with 71 places in six classrooms, at Glen Waverley (story continues below).
The Box Hill centre forms part of a 12,000 sqm three storey podium also with retail and restaurants, all of which has been seeking tenants while under construction last year.
Two 17 levels towers with a total 435 apartments – worth a speculated total of $360m – sold last October to build to rent outfit Local.
“With the government’s support for the chilcare sector increasing and the demand for early education growing, international operators are viewing Australia as an opportunity to introduce their unique curriculum to the country,” CBRE leasing agent Jimmy Tat said.
“The early learning leasing market is strengthening as consistently reducing supply continues to drive demand across the country,” co-agent Sandro Peluso, added.
Marcello Caspani-Muto also acted for Golden Age Group, directed by Jeff Xu.
The deal comes a fortnight since the agency listed a penthouse childcare centre, an ex-Australian Taxation Office tenancy, in north west Moonee Ponds.
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