Melbourne childcare centre to set per place record
A south east Melbourne childcare centre, the delayed construction of which saw a sunset clause come effective for the high profile tenant which pre-committed, is for lease again, now a different developer is completing it.
In good news for the landlord, the achievable rent for 760 Toorak Road, Hawthorn East, should be higher.
The 2022 lease was for $499,200 – or $5200 per place.
With daily fee rates in the catchment – including the blue ribbon suburbs of Armadale, Glen Iris, Hawthorn, Kooyong and Malvern – at a record $180-$195, a higher rental return, possibly in excess of $6000 per place, is expected this leasing campaign, according to the agents, CBRE’s Jimmy Tat, Marcello Caspani-Muto and Sandro Peluso.
If achieved, it would set a metropolitan record per place, they added, trumping a Manningham facility.
Completion is scheduled December.
Next chapter for Chinese restaurant
Near the corner of Tooronga Road and a Coles-backed retail centre (also Coles’ headquarters), the childcare centre is replacing a restaurant previously known as Village Buffet and before that, Golden House and Beijing Palace (story continues below).
With 599 square metres over three floors, it is licensed for 96 children.
A basement will include 21 car parks.
The 784 sqm block will also be configured with a playground.
The last tenant to commit, Nino Early Learning, did so for 20 years with two 10 year options.
This section of Hawthorn East is about seven kilometres from Melbourne’s CBD.
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