HMC divests childcare centres
HMC Capital has sold two modern childcare centres held less than four years.
In the biggest deal, the manager is banking $13.2 million for an Endeavour Early Learning backed complex in Sydney’s west Concord.
The result for the 100 place asset – achieved seven days into an expressions of interest campaign – reflects a 4.92 per cent yield.
It does however demonstrate a loss on the mid-2021 outlay – $14.5m.
On 1625 square metres at 173-175 Majors Bay Road, it also contains 23 car parks.
Concord is about 13 kilometres from the CBD.
Essendon attracts first time investor
Meanwhile in Melbourne’s north west Essendon, a complex leased to Guardian traded for $9m – a 5.49pc return.
HMC picked up this asset, 138 Hoffmans Rd, licensed for 131 children, for $8.6m in December, 2020.
“The property ultimately sold to a Chinese investor who is a first-time childcare buyer,” Stonebridge’s Kevin Tong, who marketed the assets with Tom Moreland and Michael Collins, said.
“This demonstrates the ongoing shift from Asian capital towards premium Australian childcare assets, particularly those occupying large metropolitan landholdings on the eastern seaboard,” he added.
Both Essendon and Concord were held by the HealthCo Healthcare & Wellness REIT.
HMC was prior to March, 2022, known as Home Consortium (story continues below).
Six Queensland deals
The Essendon and Concord properties are amongst 10 Mr Tong said the agency sold on the east coast in recent months – all up for just over $60m.
At 17 Clay St, Ipswich, a G8 Education backed centre held by Charter Hall’s Social Infrastructure fund traded for $3m to a Sydney investor
The yield – 4.63 per cent – is the lowest for an asset of this type in the state, the agent added.
Meanwhile a new Caboolture facility leased for an initial 15 years to Eden Academy fetched $7.7m – a 5.6pc return.
Also in Queensland, a Greenbank investment rented to Little Locals Learning collected $8.9m (a 5.5pc yield).
This deal was struck on a funds-through basis.
Four more assets, trading at a portfolio auction event, round out the balance.
Two are in Maryborough: one leased to Affinity which traded for $3.5m – a 5.89pc yield, and the other occupied by Imagine, which fetched $5.85m – a 5.68pc return.
In New South Wales’ Terrigal, a Little Miracles backed facility sold for $3.4m – a 4.87pc yield while a G8 Education complex at Lyndhurst, in Melbourne’s outer south east, collected $5.7m – a 4.68pc return.
Colleagues Rorey James, Thomas Proberts, James Freemantle and Brett O’Neill co-marketed these four investments with Mr Moreland, Mr Collins and Mr Tong.
Subscribe to our newsletter at the bottom of this page.
