Lease secured for Hawthorn childcare centre development

Maples Early Learning has snapped up the lease at a flagship childcare centre, still under construction, in Hawthorn East.

CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Marcello Caspani-Muto and Jimmy Tat secured the lease for $504,000 per year.

Mr Peluso noted the scarcity of new centres in the market made the property at 760 Toorak Road very attractive to childcare operators.

“The lack of quality, newly built centres continues to be a challenge in the sector. While new projects do exist, finding something with as much certainty as a centre already under construction is nearly impossible. While it can result in short-term stress for a developer, every childcare centre we have leased, either under construction or near completion, over the past three years has resulted in a superior outcome for the landlord or developer,” he said.

Due for completion in June this year, the property will feature a building area of 784sqm alongside basement parking for 21 cars and outdoor play space of just under 700sqm. The boutique centre has approval for 96 children and is located directly opposite the Tooronga Village shopping centre.

This is the second time the property has been leased, after building delays resulted in a sunset expiry of the previous lease secured by the CBRE team in 2021. A new builder was appointed to the project in Q3 2024.

Mr Caspani-Muto noted this new lease with Maples Early Learning has resulted in a positive outcome for the developer.

“This outcome shows how the bar continues to lift in terms of average market rentals across inner eastern Victoria with rates between $5,000-$5,500, per place for a childcare centre, now common," he said.

"There are a number of highly attractive fundamentals and points of difference in this property that we expect will drive operational success. The two major features of this property are the standout design and high-end finishes. The centre also benefits from its excellent location, near two major intersections, so if you live locally, this service will be front of mind when considering where to send your kids,” Mr Caspani-Muto added.