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PROPERTY PARTICULARS
TITLE PARTICULARS
1273 Toorak Road
1275 Toorak Road
ZONING
Under the City of Boroondara Planning Scheme the land is zoned (NRZ1) Neighbourhood Residential Zone - Schedule 1.
COMBINED LAND DIMENSIONS AND AREA
Toorak Road Frontage 31.69 metres*
Rear Boundary 31.69 metres*
Depth 45.72 metres*
Total Land Area: 1,448 sqm*
*approx.
FUTURE POTENTIAL
Townhouses
A natural fit for this site leveraging the wide street frontage to enable a maximum number of townhouse and single-entry driveway. Demand for this area due to its lifestyle and schools has seen the market increase 8.1% just in the last quarter.
Apartments
Opportunity to deliver a fantastic residential project capitalising on the prime Camberwell location and superb local amenity with a precedent for 3 levels in the immediate area.
Childcare
Potential to construct a boutique to midsized childcare centre with at-grade or dual level options potentially achievable. The local area currently has a number of older style centres opening the door for the delivery of a new state of the art building to accommodate the heavily populated family area.
Medical
Subject to planning approval the site could work well for Allied Health and Specialist medical. The immediate area has become recognised as a health precinct with several other specialists locally including Epworth Camberwell.
MARKET COMMENTARY
Melbourne Childcare Centres Top Investor Wish List.
More than $220-million worth of childcare assets have changed hands this year as investors continue to pivot towards “essential services real estate” during the pandemic.
According to JLL, the figure is more than double last year’s total of $135 million in transactions.
While interest in the childcare sector had already been steady, the impact from the Covid-19 disruption during 2020, and continued snap lockdowns in NSW and Victoria, has accelerated consumer demand and investor appetite.
Victoria remained the biggest destination for investment in the sector, recording $92-million worth of sales with initial yields averaging 5.33 per cent.
“Victorian childcare vendors have been able to capitalise on the resurgence in investment activity in 2021 as a result of strong growth forecasts in the under-four age group over the next two decades,” Stafford said.
“Comparatively higher fees and a relatively lower number of centres per capita in Victoria have provided a competitive edge for Victorian childcare assets.”
The $11.2-billion sector has long enjoyed bipartisan support, receiving some of the earliest specialist stimulus packages provided to any sector by the federal government.
The federal government classified childcare as an “essential service” throughout the pandemic, and announced $1.7 billion in subsidies over the next five years in its recent budget to support workforce participation and tip an extra $1.5 billion back into the GDP.
Investors have also been drawn to increasing sales rates per childcare place which have steadily lifted since 2015, growing by 68.9 per cent from $33,598 per place to $56,750 per place.
