Melbourne investor splashes nearly $2M on Rocky property
A ROCKHAMPTON childcare centre has sold for almost $2 million to a southern investor.
Frenchville Childcare on Dean St, North Rockhampton sold on February 21 for $1.885 million to a Melbourne buyer through commercial real estate agents Burgess Rawson.
The property, which boasts a et income of $127,300pa, had been in the hands of a local couple who originally opened the childcare centre many years ago before selling the business to childcare giant Affinity Education Group who have over 150 centres across the country.
Burgess Rawson Queensland selling agent Jamie Dewe said the Dean St property was supposed to be auctioned along with $20 million worth of centers in Brugess Rawson's first interstate investment auction of the year, but it was sold prior.
"It was sold to a investor from Melbourne prior to the auction. There was a lot of interest in the property, we had about 35 inquires," Mr Dewe said.
"The former owners are very happy with the outcome. They were Rockhampton locals but have since moved to Brisbane."
Mr Dewe said despite the sale, it was business as usual at the childcare centre.
"Affinity still have seven years left on their lease at the centre," he said.
A 3514sq m block next to the centre was also up for sale, but Mark Molloy of Professionals Livingstone and Molloy Real Estate said it had been taken off the market after it failed to sell.
Eight childcare centres were sold across two days in Melbourne and Sydney with three sold on yields below 6%.
A centre in Pimpana on the Gold Coast sold for $4.5million.
Another centre in Pakenham, Victoria for $5.12million on a yield of 6.2%.
Childcare centres in Townsville, Benalla (Victoria) and Punchbowl, Green Point and Tamworth (New South Wales) were also sold.
Mr Dewe said the Frenchville centre wasn't the only property investors were eyeing off, with an Allenstown childcare facility poised to be auctioned off by Burgess Rawson next month.