UAE investor buys Melbourne childcare centre
A UAE based family office – in its maiden Australian property play – has bought a four year old childcare centre in Melbourne’s north Greenvale.
The 152-place Explorers Early Learning complex, 1 Darmain Drive, cost $8.8 million – a 5.75 per cent net passing yield.
The initial lease expires in 2036 but with options the occupier can stay 20 years more.
The improvement contains 945 square metres floor area.
The 3057 sqm site at the corner of Hillview Road, also exposed to busy Mickleham Rd, also includes 33 car parks.
“We are seeing a clear trend where international family offices and private funds are proactively targeting Australia for long-term exposure to the childcare and social infrastructure sectors,” CBRE’s Marcello Caspani-Muto, who brokered the deal with Sandro Peluso and Jimmy Tat, said (continues below).
“These investors are attracted to the strong operator performance, accretive lease structures and resilient fundamentals that are unique to this asset class,” according to the executive.
“They are also seeing specific value opportunities across Victoria this year and feel it’s something that will not last long,” he added.
“Despite the short term headwinds, it’s clear the state is chronically undervalued at present”.
The deal comes a week since we reported a US based childcare centre operator leased a modern building in Melbourne’s east Doncaster for its maiden Australian facility.
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