Northern Sydney childcare centre in huge $14.8m payday
Investment company Harrington Property has swooped on the Greenwood Artarmon childcare centre in northern Sydney in a $14.8 million deal.
The deal, brokered by Peritus Childcare Sales, is a sign of the industry’s robust dynamics as the property was acquired on a 7% net yield, with 14 years remaining to the listed G8 Education.
Peritus principal Peter Fanous says the purchase is the third largest freehold childcare centre deal in the country and the top price for a single childcare centre since early last year.
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The purpose-built four-level architecturally designed complex at 60 Dickson Ave, Artarmon, spans about 3000sqm of building area and licensed for 149 places.
Fanous says the property is “strategically located” in an affluent and economically robust area on Sydney’s lower north shore. It is near St Leonards Railway Station and sits in a health and education precinct.
He says more institutional players were entering the area and cited the involvement of Charter Hall and Arena REIT, as well international players.
This article originally appeared on www.theaustralian.com.au/property.
