Childcare centre in Mornington to go under the hammer

A fully leased childcare centre in Mornington has been listed for auction on November 17.

The 18-20 Fleet Street property comprises a 400 sqm building on a 1,200 sqm  site and is close to the town centre. 

The property will be sold subject to a five-year lease at a current net annual rental of $58,000 with 4 per cent annual increases.

It is being marketed by Teska Carson’s Fergus Evans and George Takis.

“The centre has been built in a perfect location for working parents looking for an easily accessible childcare centre and one which offers the best facilities for their children,’’ Evans said. 

He added that said the “entry level’’ investment offered a secure lease profile in a government-backed industry in an excellent location and with the potential for future development.

Takis said Mornington had recently emerged as one of the most sought after bayside investment locations in Melbourne.

“Childcare is one of Australia’s strongest growth industries and that fact will not be lost on the growing local investment community,” Takis said. 

Earlier this month, a securely leased retail property at 185 Main Street in Mornington sold at auction for $2.2 million on a yield of 3.86 per cent.

Several weeks earlier a retail property at 157 Main Street sold at auction for $2.9 million on a 3.52 per cent yield.