logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Australia
  • Global
  • United States
  • Albania
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Bosnia & Herzegovina
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Croatia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Montenegro
  • Morocco
  • Netherlands
  • New Zealand
  • North Macedonia
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Saudi Arabia
  • Serbia
  • Singapore
  • Slovakia
  • Slovenia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Investment Management)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Agribusiness
      • Build-to-Rent
      • Building, Depreciation & Cost Consultancy
      • Government Real Estate Advisory & Transactions
      • Hotels
      • Industrial & Logistics
      • Office
      • Residential
      • Retail
      • Retirement & Healthcare
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Debt and Structured Finance
      • Host
      • Institutional Investments
      • International Investments
      • Investment Accounting & Reporting Solutions
      • Structured Transactions & Advisory
      • Leasing & Advisory
      • Metropolitan Investments
      • Property Management
      • Property Sales
      • Recovery & Restructuring
      • Valuation & Advisory
    • Services for Occupiers
      • Facilities Management
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Sale and Leaseback
      • Structured Transactions & Advisory
      • Transaction Management
      • Valuation & Advisory
      • Workplace
  • Properties
    • Agribusiness
      Hotels
      Industrial & Logistics
      Institutional Investments
      Metropolitan Investments
      Office
      Residential
      Retail
  • Research & Insight
    • Australia Research
      Asia Pacific Research
      Global Research
      Expert Opinions
      Talking Property Podcast
  • People & Offices
    • Pacific Executive Committee
  • About CBRE
    • [email protected] - LGBTQI+ Inclusion
      Careers
      Case Studies
      Client Tools
      Corporate Information
      Environmental, Social and Governance
      Investor Relations
      Media Centre
      Reconciliation
      The Place Makers

Next

Site Sale Could Pave Way for $1 Billion+ Last Mile Estate
  • Home
  • About CBRE
  • Media Centre
  • Folkestone capitalises on childcare sector growth with $63m QLD portfolio

Folkestone capitalises on childcare sector growth with $63m QLD portfolio

Brisbane | 4 April 2018
  • Email
  • Share
  • Tweet
  • Share

Melbourne-based investment manager Folkestone Education Trust (ASX:FET) has expanded its footprint in the growing childcare centre real estate market after securing nine Queensland quality assets for more than $63 million. 

CBRE’s Tom O’Driscoll negotiated the sale of the freehold Brisbane assets, which were offered with a leaseback to Avenues Early Learning.

The nine properties include; 339 Maundrell Terrace, Aspley; 93 Zahel Street, Carina; 110 Burrenbah Road, Jindalee; 51 Landis Street, McDowall; 65 Roseneath Drive, Parkinson; 88 Lister Street, Sunnybank; 385 Chatswood Road, Shailer Park, 123 Kennedy Terrace, Paddington; and 117 Agnew Street, Norman Park. The assets were each offered for sale with a 20-year leaseback agreement to Avenues Early Learning, with four five-year options available. 

The properties form part of a portfolio of 13 assets offered for sale in late 2017, following Avenues Early Learning’s decision to direct its focus to expansion in the Sydney and Melbourne markets. 

Mr O’Driscoll said the formal EOI campaign received more than 130 enquiries from high net worth individuals, small and large institutional funds – both domestic and offshore.

“Over the past six months, there has been a strong uptick in demand for childcare assets underpinned by recognised and credible operators. Whilst a lot of noise remains in this sector, there will be a clear difference of value in centres. Avenues Early Learning as a covenant, drives this value due to its level of performance, quality of centres and key locations,” Mr O’Driscoll said. 

Folkestone Education Trust CEO Nick Anagnostou commented on the sale: “We are pleased to be able to transact with Avenues Early Learning on these quality centres. Most agents and EOI campaigns don’t allow for a broader relationship to form between the parties. Tom and CBRE had the foresight to do so and that was not only beneficial but it led to value for all parties.”  

The sales campaign for the final four assets will commence shortly, with price expectations of in excess of $50 million – reflecting a potential sub 6% yield across the entire portfolio of 13 centres and total approximate value of $102 million.  

“The last tranche of assets available for sale will draw a competitive list of buyers who seek to acquire a freehold with a recognised operator. These remaining centres also capture strong depreciation benefits and long term development upside given their strong locations,” Mr O’Driscoll said. 

The remaining assets, which are being offered for sale in one line or individually include; 30 Jordan Terrace, Bowen Hills (230 place centre on elevated 4,549sqm site area; 24 Southgate Avenue, Cannon Hill (cnr 75 place centre on 2,028sqm site area); 624-630 Old Cleveland Road & 61a-63 Donald Street, Camp Hill (174 place centre on 1,952sqm site area); and 488 Jackson Road, Sunnybank Hills (75 place centre on 2,140sqm site area). 

Established in 2003, Avenues Early Learning operates 16 centres in Brisbane and Melbourne, and has a small development pipeline of centres in Brisbane and Sydney. 

 
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.

Contact Us

$name
Natasha Pierson
Associate Director, Communications
Australia
+61 405 260 978
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • Case Studies
  • People & Offices
  • Executive Committee
  • Investor Relations
  • Contact Us
  • Australia Privacy Policy
  • Global Web Privacy and Cookie Notice
  • Whistleblower Policy
  • Sitemap
  • Terms of Use
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • Youtube