Steller receivers sell Caulfield South childcare centre site mid-construction

Steller receivers have sold a high-profile corner site in Caulfield South, permit-ready for a state-of-the-art childcare centre.

The 1328 square metre holding comprising 1036 Glen Huntly Road and 1A Laura Street is trading for $4.71 million.

Steller paid $4.3 million for what was two neighbouring standalone homes last year, before pushing through the redevelopment application.

It started building the multi-level structure earlier this year – the foundations are complete.

Part of the basement car park has been built, too.

Glen Huntly Road is serviced by a tram, but the suburb’s train station is a few hundred metres away – at the edge of a popular retail strip.

The Caulfield Racecourse is a block away from 1036 Glen Huntly Road and 1A Laura Street.

Caulfield South is about 10 kilometres south east of the Melbourne CBD.

The site (marked) relative to the Glen Huntly train station.

Property will stay childcare despite campaign touting alternative outcomes

The parcel is selling to an investor which intends to complete construction of the permitted 128-place project, then lease it out.

Aston Commercial agents Liam Rafferty and Jeremy Gruzewski marketed that any incoming owner could rework the permitted 899 square metre double storey shell, creating a mixed use or residential project.

Alternatively, a new proposal could have been put forward.

All up, the General Residential 2 zoned block has 73 metres of street frontage.

…just the latest Steller site to sell

Steller was put into receivership in July.

Since then, receivers, including McGrathNicol and KordaMentha have acquired some of the builder’s blocks, many which been auctioned in recent weeks.

On the Mornington Peninsula, the joint venture partner who teamed with Steller to redevelop the Continental Hotel – Julian Gerner – seized full control of the Sorrento asset in October.

Details about other Steller sites offered to the market recently can be found here.

Aston Commercial sold the Caulfield South block following an expressions of interest campaign.

Childcare centre development site activity this year

Last week, a childcare centre operator paid $1.05 million for a 210 sqm single-storey former furniture outlet in Melbourne’s inner east Surrey Hills – with plans to owner occupy.

Fifteen months ago, childcare centre operator Alpha outbid residential developers to snare a 1931 sqm Bulleen site for $3.25 million, where it plans to build an investment it will also occupy.

In March, Charter Hall acquired a portfolio of 13 childcare centre investments on Australia’s east coast, 11 of which were still under construction.

Two months ago, private investor Wilson Guo put up for sale three development sites, permit-ready to become childcare centres – in Brighton East, Oakleigh South and Lara.

Also in October, Mike Wu and Shan Kuo, the owners of Little Lane Learning, won approval to build a $100 million childcare centre in South Melbourne – set to be the biggest in the country.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco