680-682 Highbury Road is currently improved by a double story residential dwelling with a tennis court, providing an income of $4,044 per month. The property has approved plans for a 2-level 113 place childcare centre including 24 secure basement car spaces, and is located within a neighbourhood Residential Zone 4.
Savills agents Julian Heatherich, Benson Zhou and Mark Stafford negotiated the deal via private sale, achieving a land rate of $2,800 per sqm and a cost of $20,800 per place.
Mr Heatherich said developers were drawn to the attractive return on offer given the site’s close proximity to 18 quality primary and secondary schools, as well as its location within 1.5 kilometres of The Glen Shopping Centre, currently undergoing a mega $490 million redevelopment.
The sale marks the second childcare development site sold by Savills Melbourne within the previous few weeks - the first being the strata-titled Mitcham childcare development site at 14-16 Simla Street, which sold off-the-plan for $7.1 million, representing a landmark transaction.
“Demand in the childcare sector has been continuing to build as developers and operators identify strategic locations with strong surrounding growth fundamentals,” said Mr Heatherich.
“We’re of course seeing continued rapid population growth throughout Melbourne’s inner and outer suburbs. Glen Waverley’s population alone is anticipating a huge growth of over 11,000 residents by 2041, making the childcare sector ideal for secure, prime investment.”
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