Strata childcare site in Olympic Park achieves record $8m price
The $8 million sale of a strata childcare centre has set a new record, demonstrating extraordinary investor confidence in its booming sector.
RWC Sydney City Fringe together with Ray White Everest Group announced the sale of 100 Bennelong Parkway, Sydney Olympic Park, the result was a record-setting price for a childcare centre within a strata building in NSW.
MORE: Your answer to this shows if you’re happier
The 90-place childcare centre forms part of a large mixed-use complex
Across its 35-day campaign the property generated 37 inquiries with three contracts issued and four formal offers submitted.
The 90-place childcare centre operated by Mini Masterminds, forms part of a large mixed-use complex. It sold two days after auction.
The property sold two days after auction
Sydney City Fringe director Kamal Silwal said the level of inquiry demonstrated the calibre of the buyer pool.
“We were dealing with investors who had very specific strategies and were ready to move,” he said.
“With several offers received, we were able to negotiate confidently following the auction and achieve an outcome that exceeded expectations.”
MORE: Bad news for NSW workers on $120k a year
The property is located in Sydney Olympic Park
Mr Silwal said the sale generated momentum post auction.
“Selling two days after the auction really shows how the competition and urgency can bring forward the right buyer at the right price,” he said.
The final sale equates to $14,100 per square metre on an internal area of 565 sqm
Ray White Everest Group partner Jeffrey Lin said the buyer was “an active investor with a solid understanding of the childcare market”.
The final sale equates to $14,100 per square metre on an internal area of 565 sqm.
The result was noted to be a notable benchmark for strata childcares in NSW as well as highlighting investor confidence in growth precincts such as Sydney Olympic Park.
