Guardian Childcare & Education secures Pascoe Vale site for new centre

A premium, brand-new childcare centre in Pascoe Vale in Melbourne’s north has been pre-leased to highly-successful operator Guardian Childcare & Education.

Guardian secured the 1,623sqm site at 120-122 Cumberland Road on a 15-year lease with a pair of 10-year options, for an annual rent of $574,200. 

It will move into the site upon the completion of construction in 2024, giving Guardian a second centre in Pascoe Vale.

Continuing the strong run of childcare centre leasing activity in Melbourne, the rental reflects a rate of nearly $4,350/place.

CBRE’s Healthcare and Social Infrastructure team of Sandro Peluso, Jimmy Tat, and Marcello Caspani-Muto secured the tenancy on behalf of the private landlord. 

“This premium childcare leasing opportunity being brought to market emphasises the confidence of established and organised developers,” Mr Peluso said.

“Childcare operators are excited about the potential in these developments, particularly when located side-by-side with high growth communities. 

“With construction costs increasing monthly, there is a high level of demand for purpose-built early education facilities among operators who are willing to occupy premium space. 

“We expect to see this trajectory continue into early 2023.” 

Within a high-growth location, Cumberland Road is just north of Bell Road, and offers easy access to Pascoe Vale train station, local schools and Sydney Road.

“Over the past 12 months we have seen a big shift from operators who are now looking into more high-growth areas for extra security,” Mr Tat added.

“Premium, brand-new centres, located around community amenities and local schools, are highly sought after and this leasing deal highlights the importance of these factors. 

“Quality operators with good reputations are not willing to comprise on this brief whatsoever.”