The CBRE Victorian Health, Aged and Childcare team has successfully transacted its third childcare asset of 2018. The premium childcare facility located at 1066 Centre Road, Oakleigh follows the team’s successful sales of childcare assets in Newport and Ravenhall.
Transacting at a price of $9,500,000, the sale reflects a building rate of $9,480 and is the biggest Victorian childcare sale of 2018. The outcome means that CBRE currently has a 100% sale rate for childcare assets this year, indicative of another strong 12-month period for the team that last year achieved a clearance rate of 92%.
The intensive campaign which began in the first quarter of 2018, featured exclusive selling agents Sandro Peluso, Josh Twelftree, Bianca Butterworth and Kinson Wong. Over this period, the specialist team leveraged detailed industry knowledge to educate buyers on the viability and regulatory strengths underpinning the asset. The team sold the property on behalf of the Hume Childcare Trust, a partnership between Hume Partners Pty Ltd and Veuve Property Group.
“The competitive bidding processes demonstrated on-going investor confidence within the childcare sector ranging across all price points,” Sandro Peluso said.
Leased to private operator Early Learning Centre Oakleigh South, the 1,002 sqm purpose built centre features unique timber construction and a passing income of $600,480 plus GST & outgoings. Licensed for 139 places and featuring significant depreciation benefits the investment also features a substantial outdoor area.
Veuve Property Group CEO, Vin Harink said: “Given the nature and location of the asset this is a good outcome for our investors. The centre was jointly developed by Hume Partners and Veuve Property Group and is the first of several to be delivered to the market over the next 24 months. Innovation was introduced into this project through the application of cross laminated timber (CLT), which significantly reduced the construction programme and created a unique carbon neutral learning environment featuring expressed timber walls and ceilings throughout.”
Josh Twelftree added; “The transacted value of this asset demonstrates that investors continue to hold the factors underpinning childcare investment in high regard, from demographic to regulatory. $9,500,000 could have purchased any number of commercial sites, however childcare continues to be sector of choice.”
Transacting at a price of $9,500,000, the sale reflects a building rate of $9,480 and is the biggest Victorian childcare sale of 2018. The outcome means that CBRE currently has a 100% sale rate for childcare assets this year, indicative of another strong 12-month period for the team that last year achieved a clearance rate of 92%.
The intensive campaign which began in the first quarter of 2018, featured exclusive selling agents Sandro Peluso, Josh Twelftree, Bianca Butterworth and Kinson Wong. Over this period, the specialist team leveraged detailed industry knowledge to educate buyers on the viability and regulatory strengths underpinning the asset. The team sold the property on behalf of the Hume Childcare Trust, a partnership between Hume Partners Pty Ltd and Veuve Property Group.
“The competitive bidding processes demonstrated on-going investor confidence within the childcare sector ranging across all price points,” Sandro Peluso said.
Leased to private operator Early Learning Centre Oakleigh South, the 1,002 sqm purpose built centre features unique timber construction and a passing income of $600,480 plus GST & outgoings. Licensed for 139 places and featuring significant depreciation benefits the investment also features a substantial outdoor area.
Veuve Property Group CEO, Vin Harink said: “Given the nature and location of the asset this is a good outcome for our investors. The centre was jointly developed by Hume Partners and Veuve Property Group and is the first of several to be delivered to the market over the next 24 months. Innovation was introduced into this project through the application of cross laminated timber (CLT), which significantly reduced the construction programme and created a unique carbon neutral learning environment featuring expressed timber walls and ceilings throughout.”
Josh Twelftree added; “The transacted value of this asset demonstrates that investors continue to hold the factors underpinning childcare investment in high regard, from demographic to regulatory. $9,500,000 could have purchased any number of commercial sites, however childcare continues to be sector of choice.”
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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 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.
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 more than 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.
