A Warriewood childcare centre, leased to Singapore-based operator MindChamps, has sold to a local Sydney investor for $7 million.
The facility at 93 Macpherson Street, which was purpose built in 2015 and occupies a prominent 2,218sqm corner site, sold via a competitive expressions of interest campaign that fielded 168 enquiries, 10 contract requests and five offers.
CBRE’s Northern Beaches Metropolitan Investment specialists, Toby Silk, Aaron Arias and Nicholas Heaton, negotiated the transaction on behalf of the owner and childcare developer, Richard To.
Mr Silk said the property received extensive interest from the market due to its strong investment fundamentals.
“There are some key features of 93 Macpherson Street that excited the investment market. As it’s relatively new, it offers substantial depreciation benefits. This is further complemented by the 10 year covenant with the international operator plus a 10 year option to extend, the resulting net income of $400,852 per annum, and its location in one of the Northern Beaches’ fastest growing suburbs,” Mr Silk said.
“Warriewood is experiencing significant population growth, with an influx of young families arriving in the area and several large-scale developments currently in play. This growth will drive up the centre’s already high occupancy rate of 87%, which signaled to the market that the property was a secure investment opportunity.”
Positioned at the intersection of Gahnia Lane and Macpherson Street, the 90-place childcare centre has an internal area of 665sqm across two two-storey buildings that are connected by an elevated walkway, and comprises several classrooms, meeting rooms, kitchen amenities, as well as outdoor play areas and a large carpark.
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