Flagship Glenroy Childcare leasing opportunity

28 August 2023

A trophy Glenroy leasing opportunity is already gaining substantial operator interest after not even one week of airtime with Victorian childcare providers. Discreetly launched at last Fridays Australian Childcare Alliance Leadership summit by CBRE the centre has been fast to gain the attention of numerous leading providers, from boutique services to substantial private and listed entity’s.

The center is again being marketed by CBRE’s Australian Healthcare & Social Infrastructure business of Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto who have leased the lions share of Victorian childcare centers year to date.

The subject property comprising and fully refurbished heritage cottage and substantial brand new extension to house the majority of the forthcoming childcare centre. There is an existing permit approval for 121 places across over 1,600sqm of indoor and outdoor space.

Sandro Peluso said “There has been and will continue to be a significant reduction in the amount of earmarked or permit approved childcare centers being built across the country. We are seeing this slowdown first hand from a leasing perspective. This evidence has also been supported by data from our research business which indicates a substantial drop off in new centre supply heading into 2024 and beyond. This is no surprise given the well documented construction cost challenges all developers are facing across commercial property. However, what is does mean is there is reduced opportunity for tenant to build increased scale. The result has been increased enquiry, competition and ultimately new rental benchmarks being set across the leasing market.”

Jimmy Tat said “The demographics across Glenroy are positive, and it’s an area that will benefit substantially from a new premium offering. There are also over 5 schools within this projects immediate catchment which seems to be the biggest driving force for tenant interest to date. It’s critical for operators to commit to well capitalized developers with a number of projects never commencing post lease execution, resulting in missed opportunities and wasted financial resources. The developer of this project ticks these boxes and it’s helping progress provider interest in the project at a rapid rate.”

The subject centre is being offered to the market for Lease via expressions of interest.