Doreen

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A mixed-use childcare centre in Melbourne's Doreen has fetched $15 million.
It ranks as Australia’s largest childcare centre sale for 2018.
Savills Australia’s Clinton Baxter, Jesse Radisich and Benson Zhou brokered the deal for the 2,780 sqm property at the corner of Painted Hills Road and Hazel Glen Drive at a yield of 5.8 per cent.
“The sale of this landmark retail and childcare asset demonstrates the strong market appetite for premium property generating solid income in growth locations,” Mr Baxter said.
The three-level asset situated at 59 Painted Hills Road, attracted more than 135 registered parties.
It includes early learning centre, Guardian Childcare, seven ground-level retail shops, and undercover parking for 66 cars.
“Buyers were attracted to the brand new asset, completed in early 2018, underpinned by a large, fully enrolled Guardian Childcare centre and in one of Melbourne’s primary growth corridors,” Mr Baxter said.
The complex generates a net rental total of $871,324 per annum and is fully leased.
Tenants include Fletchers Real Estate and 12 Round Fitness, all with long-term leases in place and fixed annual rental growth.
”The recent opening of the Mernda rail extension and extensive housing estate developments has provided a huge boost to the local area, providing investors with the opportunity to capitalise on one of Melbourne’s growth hot spots,” Mr Baxter said.
"The property was purchased by a Singaporean investor with a local partner, demonstrating that off-shore money continues to flow into the Melbourne market in abundance,” Mr Radisich concluded.
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Savills sells Melbourne childcare asset at $15 million

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An old dairy farm in Victoria's Doreen is set to be transformed into a boutique community with more than 360 homes upon completion.
The AVJennings development will include parklands and landscaped gardens for the homes on lots from 294 square metres to more than 700 square metres, from $155,000.
The development, on Bridge Inn Road, is named <a href="https://www.hazelcroft.com.au%20" target="_blank">Hazelcroft</a>, and is a masterplanned community that spent every weekend in March inviting buyers to come and join in with the launch.
Upon completion, more than 16 hectares of reserves and open space, including a central reserve and a green pathway that crosses through the community, will be present, including a central playground due for completion this year.
The site is near to Laurimar shopping centre, Plenty Valley Westfield, Doreen Primary School, Ivanhoe Grammar and two train stations - South Morang and Hurstbridge.
The first release is located at the gateway to the community and is currently available for purchase - either for land or house and land packages for which builders of their choice can be selected.
Peter Vlitas, the Victoria state manager for AVJennings, said that Doreen is already a growing community.
“Doreen is already a great place to live, with all the convenience of existing amenities and the added excitement of our latest residential offering,” Vlitas said.
The March events included face painting, balloon artistry, a gelato van, prize giveaways and a cup cake event - much of these were held with local businesses.
For those purchasing prior to the end of May, a $5,000 'rebate' is being offered for lots in stage one (109, 112, 113, 116, 137 and 138), while those that refer friends are being offered a $1,000 gift card.
In the first premiere release, 30 sites are being offered from 294 square metres to 483 square metres, ranging in price from $155,000 to $195,000 along Windermere Parade, Killarney Street and Wicybush Street. NBN is available to all the properties and the lot depths are up to 34 metres.
Of these, it appears seven have been purchased.
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