Vacant Genius Childcare centre fetches $7.8m
A former Genius Childcare centre in Adelaide’s north has sold to a fast growing Sydney operator.
Bright Steps paid $7.843 million for 381-387 Prospect Road, Blair Athol, following an expressions of interest campaign launched mid-last year.
A major renovation has just been completed.
The vendor paid $6.325m – a 6.09 per cent yield – in 2017, for what was then a securely leased investment. The 1170 square metre complex had only just been completed, by Melbourne based Accord Group.
The site spreads 3074 sqm with 32 car parks at the south east corner of Barton Street.
Next chapter for ex-Genius centre
The Blair Athol asset made headlines last February when the state’s Education Standards Board issued an emergency action notice to the then-operator, Genius, for several issues including cleanliness, the safety of some furniture and equipment and failure to comply with regulations including “the needs for sleep and rest of children”.
It closed shortly after – Genius quitting a lease which was otherwise set to run until 2032.
CBRE’s Rhyce Scott and Oliver Grivill with X Commercial’s Joel Wald and Steve Messina brokered the sale.
Blair Athol is about eight kilometres from town.
Bright Steps was established in 2022.
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