CBREs child care market stronghold continues with six figure lease deal
CBRE's child care market stronghold continues with six figure lease deal
| 4 September 2019
CBRE’s Healthcare & Social Infrastructure team has successfully leased a premium multi-level child care facility in Murrumbeena to Inspire Early Learning Journey – quashing last year’s oversupply concerns.
Less than 1km from Chadstone Shopping Centre, the property at 1210-1212 Dandenong Road is also located to capture demand from families based in Oakleigh and Bentleigh.
With basement parking of 578sqm and a proposed building area of 652sqm, the deal was struck at a rate of $4,250 per permitted place.
The off-the-plan centre is permitted to accept 94 child care placements.
Sandro Peluso commented; “The sector has been starved of well-located opportunities, be it from a sales or leasing perspective, over the past 6-12 months.”
“Strategically positioned centres in positively demographically supported areas have always remained highly sought after by the state’s leading operators,” Mr Peluso said.
Mr Twelftree added; “Most operators our team deals with have either maintained strong levels of occupancy or continue to see upticks in occupancy for new centres, despite recent media around the sector.”
“The implementation of the new child care subsidy, which began coming into play later last year, is now in full effect and has had some very positive effects for operators nationwide,” Mr Twelftree said.
The new tenant is a Montessori Long Day Care and Kindergarten with 20 years of experience in the Early Years sector.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.