South Australian childcare sales top $13.6m in 10 days
A childcare centre in Adelaide’s inner north has sold for $7 million, 10 days after a regional South Australian asset changed hands for $6.6m.
SA Wealth Group bought the Busy Bees centre at 323 Churchill Road, Kilburn.
The deal prices each of the 100 places at $70,000.
On 2374 square metres, with an 867 sqm building and 25 car parks, it was marketed with a 20-year lease to Busy Bees.
With two 10-year options, it can stay until 2057.
JLL’s Mark Stafford and Tom Love reported a weighted average lease expiry of 10.6 years.
Kilburn is about eight kilometres from the CBD.
Murray Bridge
Meanwhile, the Bright Steps Academy at 40 Maurice Rd, Murray Bridge, traded for $6.6m (continues below).
An Egyptian-backed private investor based in NSW bought the 121-place, 915 sqm centre, on 4255 sqm.
The result reflected a 6.24pc yield (annual rent is $411,840).
The occupier is also on a 20-year lease, with fixed annual increases of four per cent, but there is only one 10-year option.
Jones Real Estate’s Paul Jones, Vincent Lam and Luke Peric were the agents.
The yield is the sharpest recorded for a regional South Australian childcare investment and among the state’s lowest for transactions above $5m over the past 24 months, they said.
Murray Bridge is about 75km east of Adelaide’s CBD.
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