Bright Steps Early Learning Secure Greensborough childcare centre

Bright Steps Early Learning, a national childcare operator, has leased a newly developed flagship childcare centre in Greensborough.

CBRE’s Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat negotiated the lease at an annual rental of $395,000 per annum.

Located at 2 Pope Place, the two-storey childcare centre is part of the Greensborough Station and Poulter Reserve development and will have the capacity for 92 children.

The project will be developed by a local private developer in combination with design and consultancy advice from architecture design studio Architecton.

Bright Steps is a Sydney-based childcare operator with an expanding pipeline across New South Wales, Victoria and South Australia.

“The country's childcare development pipeline is shrinking at a rapid rate. Operators with further growth aspirations are aware they need to bid competitively now to secure their future pipeline as high-quality metropolitan opportunities will be few and far between over the coming years,” Mr Caspani-Muto said.

“The development is in a catchment area with a strong immediate demand ratio so we’re expecting there to be a waitlist of parents enrolling their children.”

Sandro Peluso added, “As we continue to see declining leasing volumes across the country this will naturally flow into fewer sales opportunities for investors. With ample capital still chasing quality early learning assets we are seeing many clients overlook the short-term interest rate environment. As supply of complete centres contracts and interest rates correct over the coming 24 months, we expect notable yield compression to again occur across the investment side of the market.”