Learning Centre Operator Replaces Permit for Residential Towers with Childcare

A learning centre operator has acquired a mixed-use development site with a valuable approved permit for four 30-storey towers in Melbourne's Fishermans Bend precinct for $60 million.

The site is approved for 1,004 apartments, designed by Melbourne architect Fender Katsalidis, plus additional retail and commercial space across four towers. The vendor is the Chinese-backed Botree Group.

The Little Land Early Learning Centre secured the 9,356sq m allotment at 68 Buckhurst Street and plan to do away with the residential mix in order to build the "world's best early learning centre".

The childcare centre owner already operates in Brisbane and Sydney under the Avenues Early Learning brand and has a number of sites in Melbourne planned.

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Savills Australia’s Benson Zhou, Nick Peden and Jesse Radisich, in conjunction with Colliers International’s Bryson Cameron, Trent Hobart and Hamish Burgess, brokered the deal on behalf of the Botree Group.

“The strength of the permit was evident during this campaign,” Zhou said.

“All vendors, purchasers, lawyers from both side and agents were in the same meeting room from noon until midnight and after 12 hours of negotiations, we finally shook hands.