International childcare provider Mindchamps has secured a lease for a childcare centre that is under construction in the Melbourne suburb of Glenroy.
Located at 34 Finchley Avenue, the centre features a permit for 121 children across a building area of 712sqm.
CBRE’s Australia Healthcare & Social Infrastructure team of Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto secured the off-the-plan lease for $665,000 + GST annually, $5,500 per place, on an initial term of 15 years plus multiple further options.
With headquarters in Singapore, Mindchamps have a rapidly growing presence across Australia with 21 locations across New South Wales and Victoria.
“There is an emerging trend of notable global childcare operators in Singapore, China and Vietnam wanting to expand into our most notable Australian markets, typically Victoria, New South Wales and Queensland. Operators are doing this directly via the parent company or, in some cases, a franchise type model with relevant security provided,” Mr Tat said.
“This lease is just one example of a tenant we are assisting directly in their growth aspirations and partnering them with the right developer to see success is critical. They have slightly varied educational models from most Australian providers so some adjustments to floor plans can also be required. We expect to announce a number of deals leased to international providers over the course of the next 12 months,” Mr Tat added.
Mr Peluso noted that although the property doesn’t have main street exposure but still achieved an outcome 31% higher than the Glenroy rental average.
“The difference in operator preferences across childcare has always been significant. Many providers were turned off this development purely due to it not being main road facing. However, there is a growing trend of operators who feel access and egress can cause stress for parents in high traffic environments. Where the market demand is suitable, many operators are willing to consider side streets and residential streets where there is still good proximity to key amenities but less traffic,” Mr Peluso added.
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