Agosta family sells West Footscray childcare centre for $11.5m with a leaseback
The Agosta family – owner of Nino Early Learning Adventures – has sold its newest childcare centre with a 20-year leaseback, for $11.5 million.
The double storey facility at 282-288 Geelong Road, West Footscray, is the eighth investment of its type in Melbourne to trade for an eight figure sum.
It is also the first at that price point to exchange in the city, this year.
Opened last month, the complex contains 2228 square metres of lettable area and 25 basement car parks.
Based on the annual rental return ($675,000), the property is exchanging on a gross passing yield of 5.9 per cent.
CBRE’s Healthcare and Social Infrastructure’s Sandro Peluso, Josh Twelftree, Jimmy Tat and Marcello Caspani-Muto were the marketing agents.
West Footscray is about eight kilometres west of the city (story continues below).
Busy year for Victorian childcare centre deals
It has been a busy year for childcare centre deals – the 282-288 Geelong Rd sale coming a fortnight after an Oakleigh East complex traded for $8.1m – a price which reflected a 5.4pc gross passing yield.
Three weeks ago, at a portfolio auction event, investors acquired asset of this class in Epping ($6.97m) and Werribee ($5.7m).
In March, a Tarneit complex at 28-34 Marengo Rd traded for $5.45m, while a month earlier another in the suburb, 545 Sayers Rd, found favour for $5m. A childcare centre also sold in February, in Bayswater North ($5.95m).
At the start of the year it was reported Moonee Valley Racing Club was banking $6.61m offloading a chairman’s residence turned child minding facility at Moonee Valley Racetrack, in Moonee Ponds.
Out of town, in Ballarat, a 120-place complex purpose built for Goodstart Early Learning 15 years ago, exchanged for $4.3m in April, shortly after a White Hills (Bendigo) asset of this class fetched $4.55m.
