A childcare centre and swim school investment at Rothwell, north of Brisbane, has sold to a local for $6.975 million, reflecting a five per cent net passing yield.
The prominent single storey asset at 560 Anzac Avenue, passed by over 4000 cars a day, is leased to Lead Childcare for an initial 15 years.
The buyer holds significant essential services product in the Moreton Bay region, the marketing agents, Ray White’s Stephen Kidd and Elliott Kidd, said.
“Childcare centres remain one of the hottest asset classes we are dealing with in the current market,” Elliott Kidd added.
The seller was Wentworth Property Group.
Final stage coming
The childcare centre and swim school buildings were the first buildings within the Rothwell Edge project.
Wentworth has also delivered stage two – a drive thru bottle shop, service station leased to Pearl Energy, and restaurant rented to Greek eatery, The Yiros Shop.
The developer will now start building the third and final phase, a 1000 square metre laneway dining precinct to be known as The Courtyard, anchored to Café 63 (story continues below).
A 430 sqm health hub is also part of the design, it said.
Completion of Rothman Edge is scheduled mid next year.
The end value is put at $30m.
“It’s not every day you can secure a well leased asset…in such a high profile location that already benefits from one additional stage of development (stage two),” Mr Kidd said of Anzac Ave asset.
“The end product will provide a truly high quality mixed-use development where each stage is connected and interacts with each other.
Rothwell is about 28 kilometres from the CBD.
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