Independent asset management firm Jameson Capital has successfully completed construction on its 570sqm childcare centre, located within its $60 million residential development in Brunswick East.
Specialising in real estate, private equity and private credit, Jameson Capital’s current focus is on alternative real estate sectors including social infrastructure, with the childcare centre the first among a number of partnerships it is looking to establish. Since it was founded in 2015, the firm has been involved in more than $2 billion of real estate transactions, and the founders have more than three decades’ combined experience in Australian real estate.
The childcare centre is located on the ground floor of the firm’s eight-storey residential development, the B.E. Apartments, on Brunswick Road in Brunswick East – comprising 88 apartments. It is known for its commissioned artwork from artist Ghostpatrol who painted five urban murals for the building’s facade, foyer and communal areas. The building was designed by national architecture, interiors and urban design practice Rothelowman.
The centre has approval for 50 childcare places and will be fully leased to HEI Schools, an international preschool concept which focus on providing cutting-edge educational solutions for kindergartens, preschools and teachers based on Finland’s famous education system. The centre is due to open in the second quarter of 2022 and has started taking bookings from parents.
The project was funded by a Jameson Capital managed fund, and has a targeted internal rate of return of over 20 per cent gross on the capital invested.
Jameson Capital co-founder and Director Nick Browne, says: “The young, gentrified area of Brunswick East already has an abundance of cafes and hospitality venues, but there is a shortage of childcare in the area. This was the key driver in choosing to develop a childcare centre on the ground floor. We also know that investment in this sector offers a multitude of social benefits in enabling parents to return to the workforce sooner and providing affordable childcare to the community.
“Investors are increasingly seeing childcare assets to be attractive defensive investments with long-term leases and strong returns, and the pandemic has also proven that they are less exposed to volatile price fluctuations during crises. Government support in this sector is also instilling greater confidence for investors and tenants.
“Financially, it makes a lot of sense for both Jameson Capital and investors alike. Childcare is an area we have our eyes set on, and this is just the first of several childcare assets Jameson Capital will be involved in. We look forward to partnering with more education providers to create this much-needed social infrastructure.”
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