Alf and Judy Jacka established their training college in 1961, renaming it the Southern School of Natural Therapies in 1981. They bought the building for $1.53 million in 1996 and put its ownership into the trust after selling the school in 2010. Nearly 30 years later it’s expected to fetch around $20 million.The school pays $988,536 a year but the lease on the two and three storey building at 25-37 Victoria Street expires in February 2025, making it effectively vacant.
Community radio station 3RRR spent about 20 years operating from upstairs and the buildings at the Nicholson end of the street became apartments in the mid-2000s. Cushman & Wakefield’s Daniel Wolman, who negotiated the speedy transaction with Oliver Hay and Leon Ma, said: “We had eight offers of which six were good enough to shortlist”.The final price came in less than the $12-15 million quoted in February when the campaign was launched, but the speedy process accounts for some of that. It may also be a sign that vendors are now meeting the market to get a transaction over the line.
HealthCo, which recently turbocharged its portfolio and operations with the $1.2 billion acquisition of Healthscope’s is selling down purchases it made back in 2021 ahead of its listing. CBRE’s Sandro Peluso, Jimmy Tat and Marcello Caspani-Muto, responsible for the largest four childcare centre deals across Australia in the past year, did the deal. They declined to comment on the buyer.
Meanwhile, another childcare centre in Bentleigh has sold for $6.7 million on a very tight yield of 4.17 per cent.