Childcare centre going under hammer

A TOOWOOMBA childcare centre will go under the hammer next month, less than two years after it was sold for nearly $4 million.

Milestones Early Learning Centre on Ruthven St, which caters for up to 110 children on site, will be auctioned by Burgess Rawson on May 9.

The property in Kearneys Spring was sold mid-2016 to John Herbert Dillon for $3.92 million, according to RP Data.

In the listing, lead agent Glenn Conridge said Milestones had a net income of $266,000 a year and a lease until 2031.

“Affinity Education Group (is a) highly successful childcare provider with over 150 centres nationally,” he wrote.

“Well designed centre with service approval for 110 LDC places.

“Situated on main arterial road surrounded by national tenants including McDonald’s, Pizza Hut, KFC, Woolworths and Coles anchored.”

Mr Conridge said the Melbourne-based owner was selling to focus on other projects closer to home.

“I think he’s investing in his Victorian base – he owns quite a bit of property in Melbourne and I believe the intention is to cash this one in to get the capital up for other things,” he said.

“We’re getting passive investors looking for a secure longtime lease.

“Typically we find they’re looking for the backing of a national tenant in a good location.”

For more information, call Mr Conridge on 0413 873 337.