Australian Unity has bought two childcare centres for a combined $13.5 million, including one of the single largest childcare centre transactions in the state.
Australian Unity has bought two childcare centres for a combined $13.5 million, including one of the single largest childcare centre transactions in the state.
The Melbourne-headquartered investments group bought newly built two-storey childcare centre at 42 to 44 Camberwell Street in East Victoria Park for $7.07 million, from Floreat Beach Pty Ltd.
ASIC lists Adelaide's Accord Property Development Fund as Floreat Beach’s major shareholder, run by Sam Morris and Lachlan Hogarth.
South Perth’s Wallace Advisory and Wallace PM director Matthew Bruce is also listed as a director of Floreat Beach.
Anchored by Nido Early School, the 92-place childcare facility has a 20-year lease with multiple options to renew.
The sale is believed to be one of the single largest individual childcare transactions in Western Australia.
In addition, Australian Unity bought a two-storey 94-place childcare centre under construction at 529 to 531 Kalamunda Road in High Wycombe for $6.42 million from Uptown Street Pty Ltd.
Mr Bruce, of Wallace PM is the major shareholder of the Uptown Street entity.
The centre is expected to be complete by early next year and has a 15-year lease to Greenleaves, with options to renew.
The deals form part of the expansion of Australian Unity’s WA childcare fund, which is expected to reach $100 million of assets nationally.
"As Western Australia is a key market for Australian Unity, we are looking to continue our geographical diversification across all states and territories," Australian Unity childcare property fund manager Mark Delaney said.
The group's first WA acquisition was Buttercups childcare in Northbridge, which RP data shows it bought for $3.65 million in September 2021.
LJ Hooker Commercial Perth sales and leasing executive Jake Wallman, who brokered the deals, said the sales reinforced the demand for childcare assets.
“As well as being an attractive asset class to private investors and syndicates, institutional buyers such as Australian Unity have become more active in the early learning space, with both state & federal governments boosting funding to the sector in recent years,” he said.
