New childcare investment offering a state-of-the-art facility hits undersupplied Victoria suburb

A major Victorian childcare investment, the first to hit the market this year, is up for sale in a location that couldnโ€™t be hungrier for such a facility. Located at 14 Station Street, Aspendale the property, currently under construction, will be a cutting-edge 142 place facility, due for completion in September 2023.

The development was spurred on by significant childcare shortage within the immediate area, highlighted by a Child to Place ratio of 10.3 zero- to five-year-olds to each Licensed Daily Place in the suburb, which is among the highest in Melbourne. This is extreme, compared to the Victorian average of 2.7.

โ€œDespite being within a significant education cluster in Melbourneโ€™s southeast, the demand for more childcare centres in the area exceeds Victoriaโ€™s already significant degree of undersupply,โ€ said Savills Director Julian Heatherich, who is appointed to sell the property with colleagues Benson Zhou and Tim Grant.

Award winning boutique developer Dovetail Developments are breaking into the childcare space with this significant project, with experienced builder Belot Property Group delivering the facility.

Designed by experts in the field, The Ellis Group, the new centre is a direct reflection of what the market deems a premium facility should incorporate when considering modernisation and increased inclusion of amenity. The centre will feature eight large childrenโ€™s rooms, three outdoor playscapes, a multi-purpose area at ground level, premium staff amenities and 31 car spaces.

ย โ€œThis facility will provide children with opportunities that will prove fundamental in their overall learning journey given the quality of the new building and a tier one tenant locked in,โ€ said Mr Zhou, Director, CBD & Metropolitan Sales at Savills.

The property has a lease to nationally renowned childcare group, Eden Academy, whichhas ambitions to expand its reach with plans in process to build 11 new facilities, adding to its existing portfolio of 19 centres.

โ€œThe centre will greatly benefit from its proximity to numerous established education facilities, with around 2,800 enrolments across six schools within a kilometreโ€ noted Tim Grant, Director, CBD & Metropolitan Sales at Savills.ย ย  ย 

The 2021 Census reported Aspendale was made up of 77% family households with a well above average proportion of these having two parents working full time.

โ€œThis heightened amount of family households and large proportion of parents going to work in the catchment area reinforces the increased need for adequate supply childcare,โ€ Mr Heatherich concluded.

14 Station Street, Aspendale is for sale by Expressions of Interest closing Wednesday 29 March at 2pm.

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