Glen Waverley childcare site listed for sale

A development site in Glen Waverley in Melbourne’s eastern suburbs with a pre-lease to childcare operator Inspire Early Learning Journey has hit the market.

The 1,127sqm property at 1 Fairhills Parade has been unused for the past two years, and most recently home to a medical clinic, but plans and a permit are in place for a 99-place childcare facility.

Near the intersection of Springvale Road and High Street Road, the site is a stone’s throw from The Glen Shopping Centre.

It is next to Glen Waverley Primary School, while Glen Waverley Secondary College, Caufield Grammar, Wesley College and Brentwood Secondary College are also within 1.5km.

CBRE’s Australian Healthcare and Social Infrastructure team of Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto have been appointed to manage the sale campaign by the private developer.

β€œThis development opportunity has already drawn a lot of interest, particularly in light of the Federal Budget,” Mr Tat said.

β€œEarly education is among the sectors that has taken a significant hit through a shortage of workers in recent years, but news that approximately 37,000 workers will be brought into childcare is excellent news for operators and developers alike.

β€œIt is extremely positive to see the governments backing the childcare sector, which leads to better overall economic performance, and investors are no doubt aware of this as they look to strengthen and expand their portfolios for the year ahead.”

The property is approximately 500m from Glen Waverley train station, and offers easy access to the Monash Freeway and Eastlink.

β€œThe Federal Government’s changes to childcare subsidies from the middle of next year are a significant boost for the sector,” Mr Peluso said.

β€œAn increase of the maximum subsidy to 90% will mean cheaper childcare for families, and increase overall demand.

β€œOur team expects to see heightened market competition for premium childcare centres starting early 2023.”

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