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1ALCHEMY IP
FREEHOLD CHILDCARE • BRAND NEW • 15 YEAR LEASE F IXED INCOME GROWTH • SECURE YOUR FAMILY ’S FUTURE FREEHOLD CHILDCARE • BRAND NEW • 15 YEAR LEASE
F IXED INCOME GROWTH • SECURE YOUR FAMILY ’S FUTURE
MAUDSLAND QLD182 Maudsland Road
INFORMATION MEMORANDUM
ALCHEMY IPPRE-COMMITTED PRIME PROPERTY
2ALCHEMY IP •
CONTENTS
03 INTRODUCTION
04 EXECUTIVE SUMMARY
05 KEY CHILDCARE SECTOR ATTRIBUTES
06 LOCATION
07 SITE PARTICULARS
08 TENANCY DETAILS
09 COMPARABLE SALES
11 TENANT PROFILES
14 SALE PROCESS
15 DISCLAIMER
Annexures
DEVELOPMENT PLANSAGREEMENT FOR LEASELEASECHILDCARE WHITE PAPER
3ALCHEMY IP •
Riverstone Pass Pty Ltd has acquired 182 Maudsland Road, Maudsland. The subject site is a vacant 23,670m2 parcel of land located at the intersection of Maudsland Road and Gaven Arterial Road, with convenient access from the M1, shops, schools and master plan estates.
Along with an 18 lot residential subdivision named Riverstone Pass, the remaining 3,042m2 super lot located at the north of the site is to be developed into a 112 place Childcare Centre to service the areas growing population.
The brand new Freehold Childcare Centre is already pre leased to leading childcare provider, Sanctuary Early Learning Journey, on an attractive 15 year term, offering a secure investment in the Childcare industry. The timeline for the opening of the Childcare Centre is scheduled for Q4 of 2017.
Alchemy IP is now offering the Freehold Childcare going concern for sale.
INTRODUCTION
4ALCHEMY IP •
Investment Features• Trophy Childcare Centre investment
licensed for 112 places
• New 15 year lease expiring 2032 plus 5 + 5 + 5 year options
• Lease to leading childcare provider, Sanctuary Early Learning Journey
• Large 3,042 sqm block
• Outstanding location providing high demand
• 38 onsite car spaces with convenient drop off and pick up areas
• Net lease with tenant paying all usual outgoings
• Attractive 3.5% annual rent increases
Site Area• 3,042 sqm
Lease Details• 15 year lease to 2032
• 5 plus 5 plus 5 year options extending to 2047
• Attractive 3.5% annual rent increases
• The lease requires the tenants to pay usual outgoings
Net Income• $320,000 pa + GST
Method of Sale • For Sale by Private Treaty, Savings available for
buyers participating on a fund through basis.
EXECUTIVE SUMMARY
50 Minutes to Brisbane
25 Minutes to
Surfers Paradise
Filling in the gaps in a popular growing community
At the entrance of Stockland’s successful Riverstone
Crossing Estate
10.6% of Community Aged 0-4 years
FACTS:KEY GROWTH AREA
8 Minutes to
the M1
5ALCHEMY IP •
@ A1PERSPECTIVESRIVERSTONE PASS CHILDCARE
12/01/17 DA4.01
ENTRY PERSPECTIVE1
ENTRY PERSPECTIVE2
KEY CHILDCARE SECTOR ATTRIBUTES
According to the Department of Education and Training report for the September 2015 quarter, the future looks bright for the childcare centre investments with over 1.2 million children attending some form of approved childcare service in Australia. This has been steadily increasing, up by 5.7% from the previous year.
According to IBIS World, a baby boom is coming – with the rate of births expected to increase by 6.4% over the next few years as the workforce ages.
The demand is being driven by a number of industry factors including:
• The high cost of living driving parents back to work;
• The desire of more women to maintain careers than in the past;
• The government’s position that female workforce participation is good for the economy;
• The Australian Government subsidises the cost of childcare for eligible families through the Child Care Benefit (CCB) and the Child
Care Rebate (CCR) to help parents with the cost of approved child care.
• During the September 2015 quarter, the total estimated expenditure on CCB and CCR was over $1.8 billion, 64% of which was paid in relation to families using Long Day Care (LDC) services.
Nationally, total government recurrent and capital expenditure on childcare services was $8.6 billion in 2014-15 an increase of 9.6% from 2013-14. Over the last five years, the average annual growth rate of real expenditure was 10.6%. This may push up demand for childcare even further.
Under the proposed federal Budget the new Child Care Subsidy (CCS) will replace both existing government subsidies where families earning up to $65,000 will be able to receive up to 85% off the cost of their childcare expenses back in subsidies. This rate reduces with higher incomes, with families earning over $170,000 potentially receiving 50% back in subsidies.
Source: ABS and Department of Education and Training
6ALCHEMY IP •
LOCATION
Maudsland is a high growth area located on the north western end of the Gold Coast. It is made up of acreage estates such as Huntington Downs and Tuxedo Junction and neighbourhood estates such as Riverstone Crossing, Hungtington Rise, Parklake and Riverstone Pass. Surfers Paradise is a short 25 minute drive south and Brisbane less than an hour away to the north, making the area perfect for the commuting worker. The neighbourhood is surrounded by the pristine Gold Coast hinterland, giving that rural feel whilst still being surrounded by all the facilities anyone would need.
The Childcare site sits at the intersection of Maudsland Road, one of the main roads through the locality, and Gaven Arterial Road with convenient access from the M1. It sits directly adjacent to the entrance of the Stockland Riverstone Crossing Estate, the highly successful residential development of 761 homes with community amenities.
The Childcare Centre is set to accommodate around 112 places and service the areas ever growing population. The need for additional Childcare facilities in the area is apparent due to the local demographics being dominated by dual income households with a higher than average total household income and a very young age profile, with 10.6% of the local community aged between 0-4 years.
9.2% 6.9%
child
ren
unde
r 5
fam
ilies
w/ c
hild
ren
hom
e ow
ener
s
avg.
fam
ily in
com
e
born
ove
rsea
s
Demographics
66.9% 58.9% 68.5% 63.5% 32.4% 26.3%$1,477 $1,235
Under an hour to brisbane
182,Maudsland Road, Maudsland
UPPER COOMERA
OXENFORD
Maudsland Average
Queensland Average
* Estimate only subject to approval
7ALCHEMY IP •
SITE PARTICULARS
Title DetailsPart of Lot 3 WD2321: PAR BARROW
Site Area3,042 sqm
ZoneZoned as Emerging Community, the purpose of the Emerging community zone code is to:
• Identify land that is suitable for urban purposes and protect land that may be suitable for urban development in the future.
• Manage the timely conversion of non-urban land to urban purposes.
• Prevent or discourage development that is likely to compromise appropriate longer term land use.
• The purpose of the code will be achieved through the following overall outcomes:
Land uses• Comprise of new communities after detailed
land use and infrastructure planning has been completed; and
• Comprise of low intensity interim activities such as Dwelling houses, Community residences, Home based businesses and Caretakers accommodation which do not compromise the future urban development potential of the land for new communities.
The property will be a single story 803m2 building consisting of 7 playrooms, a kitchen, laundry, toilets, offices, a staffroom and an external 784m2 play area. It will also include 38 car parks.
1DA2.02
3DA2.01
3DA2.02
1DA2.01
1
DA3.01
2
DA3.01
3
DA3.01
4
DA3.01
2DA2.02
2DA2.01
MAUDSLAND ROAD
38 CARSV9
14 STAFF PARKING
S14
V1
V9TURNINGBAY
RETAINING WALL
LOADING
1:20
1:20
3 STAFF PARKINGS3
1:30
REFUSE
6200
RETAINING WALL
45 DEGREE BATTER
EXTERNAL PAVEDAREA
CHILDCARE CENTREGFA: 803 m²
SAFE
TY Z
ONE
5 MINDROP OFF
SHARED
+RL 22000
+RL 21567 +RL 20500 +RL 20811
+RL 20800
+RL 21000
EXTERNAL AREA784 m²
1000
+RL 20950
2400
1040
0
5400
PST
540034
00
2000 2500 6600
.
+RL 22500
+RL 20600
5
DA3.01
3000
1200
REVERSEIN ONLY
SBP
SBP
VBP
VBP
2 STAF
F
PARK
ING
S2
900600
2209
671
2106
637
600 .1480
300
2600
4800
150
450
3800
1600
18001800
LEGENDPST PEDESTRIAN SITE TRIANGLES STAFF PARKINGSBP STAFF BICYCLE PARKINGV VISITOR PARKINGVBP VISITOR BICYCLE PARKING
0 5 10 20
As indicated @ A1SITE PLANRIVERSTONE PASS CHILDCARE
12/01/17 DA0.03
1:400 @ A3 .
MAUDSLAND ROAD
PLAYROOM 165 m² (CLEAR)
3 YEARS TO 5 YEARS(20 x 3.25m² =65m²)
PLAYROOM 265 m² (CLEAR)
3 YEARS TO 5 YEARS(20 x 3.25m² =65m²)
PLAYROOM 349 m² (CLEAR)
2 YEARS TO 3 YEARS(15 x 3.25m² =48.75m²)
PLAYROOM 449 m² (CLEAR)
2 YEARS TO 3 YEARS(15 x 3.25m² =48.75m²)
PLAYROOM 549 m² (CLEAR)
1 YEARS TO 2 YEARS(15 x 3.25m² =48.75m²)
PLAYROOM 649 m² (CLEAR)
1 YEARS TO 2 YEARS(15 x 3.25m² =48.75m²)
PLAYROOM 745 m² (CLEAR)BIRTH TO 2 YEARSMAX 12 PER GROUP
(12 x 3.25m² =39m²)
DIRECTOR
16 m²AMENITIES
11 m²PREP
2 m²STORE
STAFF ROOM
11 m²PREP
17 m²AMENITIES
8 m²PREP
16 m²AMENITIES
EXTERNAL AREA784 m²
PANTRY
V1
V9
LOADING
30 m²SLEEP
LAUNDRY
INVERVIEWROOM
11 m²PREP
KITCHEN
5 m²STORE
WC
RETAINING WALL
RETAINING WALL
45 DEGREE BATTER
PWD
5 m²
EX.STORE
17 m²AMENITIES
STORE
8 m²MILK
2 m²STORE
2 m²STORE
2 m²STORE
SLIDING SLIDING
SLID
ING
SLID
ING
SLID
ING
SLID
ING
SLID
ING
RECEPTION
FOYER
ENTRY
CORRIDOR
275 m²VERANDAH
ROOF OVER
TRANSLUCENTSHADESAILS
VBP
VBP
SBP
SBP
LEGENDPST PEDESTRIAN SITE TRIANGLES STAFF PARKINGSBP STAFF BICYCLE PARKINGV VISITOR PARKINGVBP VISITOR BICYCLE PARKING
0 1 2 5 10
As indicated @ A1FLOOR PLANRIVERSTONE PASS CHILDCARE
19/09/16 DA1.01
1:200 @ A3 .
8ALCHEMY IP •
TENANCY DETAILS
LEASE
Lessee Vesta Riverstone Pty Ltd as Trustee for the Vesta Riverstone Trust
Trading As Sanctuary Early Learning Journey
Lease Term Fifteen (15) years
Lease Commencement Approx December 2017
Lease Expiry Approx December 2032
Option Periods 5 + 5 + 5 year
Rent Reviews 3.5% per annum
Net Rent $320,000 pa plus GST
Outgoings100% of outgoings paid by lessee, including land tax on a single holding basis as noted previously.
Bank Guarantee 12 Months (Except where the Lessee is a Public Company)
Please note that the above information is intended as a summary of the lease agreement supplied and has been represented as accurately as possible. We recommend prospective purchasers make their own enquiries to gain a thorough understanding of the provisions of the lease contained within the Sale Contract.
9ALCHEMY IP •
COMPARABLE SALES
Listed below is a sample of other childcare centres which have transacted within the last 12 months that are of a comparable nature to 182 Maudsland Road, Maudsland:
ADDRESS TENANT PLACES NET RENTAL SALE PRICE SALE YIELD
227 Edgar Street Condell Park NSW
Montessori Academy 38 $105,175 $2,330,000 4.51%
24-26 Walter Street Cranbourne VIC
G8 Education 65 $89,187 $1,820,000 4.90%
466-468 Sayers Road Tarneit VIC
G8 Education 127 $183,633 $3,700,000 4.96%
25 Anderson Street Casey ACT
Foundation EL 126 $348,100 $6,450,000 5.40%
3 Camelia Avenue Everton Hills QLD
Camelia Avenue Childcare 91 $191,067 $3,500,000 5.46%
461-463 Bluff Road Hampton VIC
Only About Children 56 $224,985 $3,950,000 5.70%
20S Paxford Drive Cranbourne VIC
Eclipse Early Education 106 $210,075 $3,590,000 5.85%
5/31-33 Gibbes Street Chatswood NSW
Little Learning School 65 $308,395 $5,200,000 5.93%
Lot 10, 4-8 Waine Street Freshwater NSW
Blueys Treehouse 80 $296,129 $4,855,000 6.10%
89 Aphrasia Street Newtown VIC
Bambini ELC 92 $339,554 $5,500,000 6.17%
18 Shirley Street Clayfield QLD
Banyo ELC NA $120,276 $2,340,000 5.14%
2-8 Nesbit St, Southport QLD
Southport ELC 75 $155,740 $2,600,000 5.99%
22 Crest St, Beenleigh QLD
Cubby care 90 $216,150 $3,300,000 6.55%
855 Ruthven Street, Toowoomba
Affinity Education Group 130 $230,797 $3,920,000 5.9%
51 Dixon Drive, Pimpama
Affinity Education Group 123 $256,500 $4,500,000 5.7%
10ALCHEMY IP •
TENANT PROFILE
At Sanctuary Early Learning Journey we believe the early years in a child’s life are fundamental in creating the path for their future. Our foundation is built on ensuring every child receives the best care and education possible in a safe, calm, fun and friendly learning setting.
Each child’s cultural and nutritional needs are catered for at Sanctuary Early Learning Journey and we endeavour to present a learning environment which is captivating and engaging for each child and their family. Our responsibility to ensure creative thought is cultivated, inspired and fortified in the early developmental years is supported by our centres enthralling class environment, interactive play-scape and first class education.
The evolution of Sanctuary Early Learning Journey came through not only the realisation of the unmet demand for child care in these areas, also the unmet demand for quality child care for children. We believe that the early childhood years are the most important for children to grow and learn, preparing them for school and for their future years ahead.
We are a family owned business who operate our centres and create such a culture that will extend out to our families and children. Through our experiences and knowledge in the child care industry, our goal is to meet the demand by providing a nurturing environment for all children.
Our team drive a unique marketing strategy to deliver the brand into the local community, engaging in such a way that families can truly gain an understanding of our philosophy and the journey their children will embark on.
We hand select our Centre Director and each of our staff, as each team member is key to delivering the quality care we promise. We provide training and support to our staff and have a 100% open door policy.
Over the coming 3 years the Sanctuary Early Learning Journey team’s goal is to grow the brand and the businesses to five successful centres, catering quality child care and bringing our Philosophy into communities.
11ALCHEMY IP •
TENANT PROFILE CV’S
Lauren HallLauren has spent the past 5 years immersed in the child care sector, which included 3 years developing the growth of Affinity Education Group in Operational and Acquisitions Management roles. Lauren has extensive knowledge in the operational side of the business, as well as the management of acquiring child care centres. Lauren provided fundamental marketing and operational direction in her time with the group.
Using this child care knowledge Lauren then created and co-founded Harmony Early Learning Journey which has since been sold. Lauren’s passion is providing benchmark quality care and safe environments to children. This is something that Lauren strives for in every aspect of her professional dealings, and prides herself on achieving consistently.
Affinity Education Group (ASX:AFJ) is a premium provider of early childhood education, owning and operating over 150 child care centres throughout Australia, with a presence in Queensland, New South Wales, Victoria, Western Australia and the Northern Territory, and provides care for over 15,000 children. www.affinityeducation.com.au
Laurens role for 3yrs as National Acquisitions & Integrations Manager saw her assist and oversee growth of the company from 57 centres to over 130 nationally.
This growth included growing the number of daily places nationally from 4270per day to over 11,800 places of full time children’s care per day.
With this growth approximately 2,000 more full time and casual staff were employed by the growth and integrated into the companies systems and procedures.
Lauren was responsible for full integration including local government food licences, Education Department licence approvals and ACEQA licence upgrades.
Lauren then went on to spend 2 years founding her boutique family company Harmony Early Learning Journey with partners and this brand holds an enviable national rating and high regards in its communities. www.harmonylearning.com.au
Sanctuary Early Learning Journey will draw on Laurens extensive experience and passion for high quality educational care for children in their formative years. This coupled with her strategic marketing mind and ability to inspire a team to deliver results are what drives the success of our centres.
12ALCHEMY IP •
TENANT PROFILE CV’S
Damian HallExecutive Summary
• Damian Hall most recently held the role of National Acquisitions Director for Australian Childcare Projects and was responsible for the acquisition of new greenfield and master planned sites nationwide, feasibility assessments, design assistance and coordination and marketing recommendations to the Board. www.australianchildcareprojects.com.au
• As a founder and continuing shareholder, Damian worked with his founding team to create the ACP group, which successfully capitalised the company via private equity firm and international investment bank, Morgan Stanley to provide $60 million in equity capital.
• ACP has ambitious targets of 100 new Childcare projects and businesses between 2012-2020, and is well progressed on this target. www.petitjourney.com.au
• The company currently holds 16 operational centres, mostly freehold going concern assets, with more than 10 yet to deliver in 2017. The operational and upcoming centres will provide over 2860 daily full time care spaces, employ over 730 centre staff plus national head office and marketing team and the Board.
• Damian’s work included transacting with many national developers and retailers including Peet, Stockland, Mirvac, Lend Lease, Woolworths, Coles, Aldi and many more developers and land investors, to secure suitable childcare opportunities in enviable locations nationally.
• Damian has seven years’ prior experience with Colliers International and Ray White as an employee and business owner. Here he was heavily focused on the sale and development of parcels for retail, childcare and other ‘town centre’ style amenities, including high density living, commercial and convenience shopping projects.
• Damian has had personal project management and project delivery experience across over $100 million worth of commercial and retail property projects and continues to actively seek out new opportunities.
National Acquisitions DirectorAustralian Childcare Projects | 2012 to 2016
• Australian Childcare Projects (ACP) was incorporated in 2012 (formerly SQM Projects and Petit ELJ) to identify, establish and operate premium childcare centres. Since incorporation, ACP has secured a portfolio of premium sites and continues to identify and evaluate additional opportunities which fulfil ACP’s mandate. With in excess of $60M of debt and equity ACP is well positioned to deliver a high quality portfolio of centres delivering benchmark service per the company vision and plans.
• ACP aims to deliver high quality, progressive centres providing educational care that is focused on the holistic learning and development of children. We endeavour to provide safe, enchanting and inspiring environments that are supportive towards social, emotional and cognitive development and will advance each child’s learning journey.
13ALCHEMY IP •
TENANT PROFILE CV’S
Recent major transactions include:
- Securing 17 freehold development sites across NSW, VIC and QLD metro markets and key regional locations for ACP to deliver owner/operated freehold childcare with half of these centres in operation.
- Securing 9 leasehold assets across NSW, VIC, ACT and QLD which ACP have opened in the past 24 months and now offer benchmark level of long day care in key markets including Melbourne and Brisbane.
• Responsible for Securing all assets for the company as National Acquisitions Director reporting to the Board and Morgan Stanley directly on current and future opportunities.
• Involved from inception of ACP to capitalisation via Private equity raising of $50,000,000 from Morgan Stanley NYC.
• The company founders have attainable goals of capitalisation over $700M by 2020.
Previous ExperienceColliers International | 2010 To 2012
• Established the national Auction Portfolio platform in conjunction with state and national management stakeholders.
- Major transaction included retail and town centre sites along with group portfolio auctions exceeding $100M in sales across three state auctions in a single week.
RoleRay White | 2004 to 2010
• Retail/Commercial leading agent and business owner in Queensland and Australia with numerous awards and top fee earning periods throughout time in service with Ray White Commercial and Ray White Retail.
14ALCHEMY IP •
SALE PROCESS
Method of SaleThe property will be offered for sale be Private TreatyIndicative Price: $5,650,000Savings are available for Purchasers who participate on a fund through basis.
InspectionsInspections can be arranged by prior appointment. Plans and Development Application available for viewing from Alchemy IP.
Terms of SaleDeposit of 10% payable upon exchange and the balance upon settlement. It is proposed the property will be offered as a ‘going concern’ and if the purchaser meets the provisions of the GST legislation the sale will not incur GST.
ContactJoshua Hall M 0450 291 851 | E [email protected]
15ALCHEMY IP •
DISCLAIMER
This Information Memorandum has been prepared in good faith and with due care by Alchemy IP and if applicable, its conjunctional agent. By accepting this Information Memorandum, recipients agree for themselves and their affiliates to the terms of this Disclaimer.
This Information Memorandum has been prepared solely for general information purposes and not as specific advice to any particular recipient or any other person. It is not to be construed as a recommendation by Alchemy IP that any recipient proceeds with any investigation or with any purchase and/or lease of a property or service. In all cases recipients should carry out their own independent investigation, assessment and analysis.
Intending purchasers should note: In the event of any inconsistency of this property report and the contract for sale of land, the provisions of the contract for sale of land shall prevail.
The lease details (if applicable) contained in this Information Memorandum are only illustrative of the relevant lease document/s. Figures for outgoings and rentals as stated in this Information Memorandum may be based on estimates. Potential purchasers should make their own judgement as to the likely net income.
The only representations and warranties which have any legal effect will be those that are expressly included in any legally binding contract that may be concluded with a successful purchaser. All stated dimensions and areas are approximate.
To the maximum extent permitted by law, no member of Alchemy IP, their respective directors, employees, agents, conjunctional agents, advisors or
representatives, as the case may be:• provides any undertaking, express or implied, as to the accuracy, adequacy, reliability, reasonableness or completeness of the information or any opinion or statement contained in this Information Memorandum;
• Shall have any liability (including for negligence) for any statements, opinions, information or matters arising out of, contained in or derived from, or for any errors or omissions from or failure to correct, any information in this Information Memorandum or any other written or oral communications transmitted to any recipient; and/or;
• Is under any duty of disclosure or fiduciary duty or any obligation to update any information contained in this Information Memorandum or any other written or oral communication transmitted or made available to a recipient, or to notify any person should any such information cease to be correct after the date hereof or the date of provision, as the case may be,
• And each recipient, by accepting delivery of this Information Memorandum, waives all rights in that regard.
This Information Memorandum is provided to the recipient on a confidential basis, and is not to be resupplied to any other person without the prior written consent of Alchemy IP. The recipient may, however, disclose the Information Memorandum to any of its employees, advisors (including lawyers and accountants) or agents to the extent absolutely necessary to allow the recipient to evaluate the property/properties and to act on an opportunity to purchase the property/properties, but will ensure that those employees, advisors or agents maintain the confidentiality of this Information Memorandum.
Pre-committed Prime Property Joshua Hall | [email protected] | 0450 291 851