Centre up for auction

A Werribee childcare centre will be auctioned this month.

The brand-new centre at 24 Azolla Drive will be put up for sale next week, at a portfolio auction to be held by Burgess Rawson at Crown Casino.

The childcare centre, which is leased to operator Imagine, features architectural elements including a timber entrance feature and high ceilings.

The 825-square metre facility is licensed for 112 long daycare places.

Burgess Rawson childcare specialist Natalie Couper said the centre also had one of the strongest leases in the industry, with a 20-year term and two 10-year options.

“Importantly it’s a triple net lease, meaning the tenants pays all outgoings including land tax,” Ms Couper said.

“We don’t see triple net leases very often in Victoria, so this is a rare opportunity.

“From an ownership point of view, it’s a true ‘set and forget’ lease, where the incoming purchaser will have no further worry because all costs, including land tax and capital expenditure, are borne by the tenant.”

The lease also includes three per cent annual increases and ratchet provisions, meaning rental returns can never be reduced on review.

Burgess Rawson’s investment portfolio auction will be held in Crown Casino’s River Room from 10.30am on Wednesday, June 24.

In-room attendance will be restricted to 50 pre-registered bidders, with online and external bidding facilities available to other buyers.

Pubished by Wyndam Star Weekly