Stage one of the Rothwell Edge development has sold for almost $7 million.
The first stage of the three stage mixed-use development, undertaken by private company Wentworth Group Properties (WGP) involving a single-level, purpose-built childcare centre and swim school, has sold for $6.975 million reflecting a yield of 5 per cent.
The three-stage project known as Rothwell Edge is located on a high profile site at 560 Anzac Avenue, Rothwell, with stage one fully pre-leased to Lead Childcare on a 15-year lease with options.
The site benefits from a 160m frontage to Anzac Avenue which has traffic counts in excess of 40,000 cars daily.
The property was brought to market by Ray White Commercial QLD father and son team Stephen and Elliot Kidd, selling via an expressions of interest campaign.
“The campaign was incredibly successful with our print and online advertising campaign receiving well over 200 inquiries and 25 offers,” Stephen Kidd said.
“It’s not every day you can secure a well-leased asset on a long-term lease, in such a high profile location that already benefits from one additional stage of development completed (stage 2) and one more (Stage 3) to commence shortly.
“The end product will provide a truly high quality mixed-use development where each stage is connected and interacts with each other.”
The buyer was a Brisbane investor who has considerable investment in the asset class, was impressed with the design and location, and is confident of the continuing high growth being experienced throughout the Moreton Bay region.
“Childcare centres remain one of the hottest asset classes we are dealing with in the current market,” Elliot Kidd said.
“We have so many buyers looking to buy off-market centres at the moment – up and down the eastern sea-board with the importance of childcare centres being reinforced nationally during COVID – with childcare one of the first sectors to receive funding to ensure parents could remain in work.”
Stage 2 of Rothwell Edge includes a Pearl Energy fuel station and very popular Greek food outlet The Yiros Shop with drive-thru, both of which are trading strongly.
WGP are due to commence stage 3 of Rothwell Edge in Q3 this year with completion due mid-2023.
Stage 3 will include 1,000sqm of laneway-style dining to be known as ‘The Courtyard’ which will be anchored by one of Queensland’s favourite food and beverage outlets, Café 63.
In addition there will be a 430sqm health hub to compliment the overall mix. This will complete the circa $30m project.