Taree child care facility with new 20-year lease passed in
Staff reporterOctober 25, 2018
A Taree childcare facility was passed in at recent auction.
The result was despite a new 20 year lease ending 2038 with options to 2058 to Little Flippers, an experienced childcare provider with 13 other facilities.
Located at 9 Coolabah Drive, Taree, the property was passed in at $1.8 million.
The recently refurbished 55 place facility is set on 1,051 square metres.
It has an occupancy rate of 94%.
Net income on the lease is $132,000 per annum plus GST and a minimum increase of 3% per annum.
After auction it was put up for expressions of interest with an indicative price of $1,885,000 (7% yield).
