Harmony Early Learning changes hands for $6.51 million

Market leading fund manager Clarence Property has sold Harmony Early Learning, located in Bahrs Scrub, to a Brisbane-based investor for $6.51 million.

The property, situated at 5 Bahrs Scrub Road, has a long-term lease in place to Harmony Early Learning Childcare, a locally based childcare business that operates 15 centers across SEQ and Northern NSW with plans to open another 25 centers over the next three years.

CBRE’s Harrison Coburn managed the sale on behalf of Clarence Property with the price reflecting a 5.8% yield.

“We were able to work closely with this buyer who has been active in the childcare market to secure two childcare assets for them, totaling $14.11 million. They were attracted to the significant depreciation benefits on these near-new assets, their strategic location in high growth corridors along with their high occupancy,” Mr Coburn said.

“The competitive bidding demonstrated there is strong appetite in the sub $10 million price range, with six formal offers presented at the EOI close and the purchaser selected due to their unconditional terms.”

This transaction follows the sales of Little Locals, Ripley and Lead Childcare Kallangur over the past seven months, totaling circa $26 million within the Childcare sector.

“We expect new, high-quality childcare investments in SEQ to remain highly sought after with opportunities decreasing due to ongoing feasibility challenges faced by developers,” Mr Coburn added.