Insights Library
Childcare Centres: Recession Proof Essential Services
Following a year full of challenges, an easing of Covid restrictions has seen some version of normality return to our State. The property market has corrected from its prior lull and is booming; whether that wave will continue or whether it is being artificially spurred by low interest rates and Government stimulus initiatives remains to be seen. It is undeniable though that the healthcare and social infrastructure sector, particularly childcare centres, showed major resilience during the difficult year that was and has certainly showed no signs of slowing down.
As a prominent property, planning and land development advisory law firm, Best Hooper continues to proudly assist some of the major and rising players in the childcare sector in Victoria across the development lifecycle including acquisition, due diligence, planning, development, leasing and disposal.
During the first two months alone of 2021, Giancarlo Romano and our Property Law and Transactions Team has advised on four of the most notable childcare projects in Melbourne, including;
- the $11,300,000 sale by Bamfa Properties of 31 Nepean Highway, Elsternwick operated by Nino Early Learning for a circa 5.97% yield,
- the pre-lease and development of 30-32 Grey Street, Ringwood East by Bridport Property Group which recently sold for $8,200,888 prior to operational commencement;
- securing an agreement for lease for a premier centre at 898 Toorak Road, Camberwell leased by a seasoned developer to a breakaway group from a well-known ASX operator; and
- finalising an agreement for lease for a 92-place centre on Canterbury Road, Vermont developed by overseas investors and leased to a well-known operator.
Giancarlo has been involved in over 25 childcare leases, acquisitions and disposals over the past 3 years and is also currently progressing negotiations of leases on four other centres around Melbourne. He was recognised as a Finalist in the 2020 Australian Law Awards for Senior Associate of the Year in 2020 before his promotion to Principal Lawyer in July 2020.
At the same time, our pre-eminent Planning Team currently continues to progress four other permit applications in VCAT hoping to add to their recent impressive permit victories across Melbourne in Forest Hill (Whitehorse), Templestowe (Manningham), Knoxfield (Knox City), Croydon (Maroondah) and Glen Iris (Glen Eira).
Essential services like childcare and healthcare are becoming more important than ever post 2020. The security of longer leases and significant depreciation savings that traditionally made childcare an astute investment remains; and the increased demand for childcare services is simply adding to their desirability.
Our experienced teams are at hand to assist both seasoned and first-time developers with any childcare projects at any point in the development lifecycle.
About Best Hooper – Victoria’s Property, Planning and Land Development Advisory Law Firm
Best Hooper are the oldest and most prominent developer focused law firm in Victoria who have served our community since 1886; through wars, recessions, depressions and pandemics. We are actively advising clients in relation to the COVID-19 outbreak on all property related matters including leasing, disputes, property transactions and planning advices and applications. We are continuously recognised as industry leaders in a variety of publications, including Doyles Guide and Best Lawyers.
If you require more information, please contact Giancarlo Romano, (03) 9691 0220 or gromano@besthooper.com.au.
Giancarlo Romano is a Principal Lawyer and head of the Best Hooper Property and Transactions Team who represents private and corporate landlords and tenants across commercial leasing and all facets of property transactions.
