Childcare to join $50m housing project linked to James Packer
The planned childcare centre in the northern Geelong suburb of Corio is expected to attract significant interest from childcare operators looking to get a foothold in one of Australia's fastest growing regional cities.
The centre is positioned in the heart of the Edenville residential estate being developed by Sivasli Group and will be located at 26-34 Sharland Rd which is at the entrance to the estate.
Corio is expected to see a significant ramp-up in residential development.
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Melbourne developer Deniz Sivasli's Edenville group is behind the project, backed by a consortium that includes former casino mogul James Packer and investment guru Joe Gersh.
Sivasli Group is also planning a 282-home residential estate on the former Flinders Peak Secondary College site in Hendy St, while Cedar Woods Properties has a 400-lot estate on the drawing board after a $35m purchase in January of an 18.6ha Plantation Rd property.
The childcare development is designed by Architecton and will accommodate 124 childcare places and feature a bespoke fit-out for the incoming early learning provider across 1771sq m of building area.
CBRE's Australian Healthcare and Social Infrastructure team of Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto are managing the expressions of interest leasing campaign.
Mr Tat said childcare centres located within residential estates tend to have outstanding occupancy rates because of increased visibility and accessibility for families.
'What truly sets Corio apart is the absence of other childcare development applications within the catchment area, making it a unique and highly attractive option for operators,' Mr Tat said.
'With over 1100 children expected to be born and move into the area over the next five years, we anticipate the demand-to-supply ratio will reach 4.3:1 – a level that is widely considered very favourable for operators.'
Mr Peluso said opportunities to develop childcare centres within residential estates were rare.
'Given the highly favourable demographics and strong demand in Corio, the vendor has decided to pursue a childcare development,' Mr Peluso said.
'We expect significant interest from established local childcare providers as well as new entrants looking to break into the suburb, given the robust demand and limited competition in the area.'
The Edenville estate, which will deliver 107 new homes on the site of the former Rosewall Primary School, had a difficult journey to approval at Victoria's planning umpire with Geelong's council labelling it a 'significant overdevelopment'.
The expressions of interest lease campaign will close late July.
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