Firms: Mills Oakley (Little Lane Early Learning); Cornwall Stodart (Botree Group)
Deal: The Fisherman’s Bend precinct in Melbourne’s Buckhurst St has been sold by Botree Group to Little Lane Early Learning.
Value: $66 million
Area: Real estate
Key players: The Mills Oakley team advising Little Lane Early Learning was led by senior associate Jarrod Marchesi.
Stephen Curtain of Cornwall Stodart advised the vendor, Botree Group.
Deal significance: Little Lane Early Learning will develop the 9,500 square metres of the Fisherman’s Bend precinct that it has purchased from Botree Group into an early learning center. The sale of the land was finalised for $66 million.
Original plans to develop the precinct had included the construction of four towers with capacity for 1,004 units.
Following completion of exchange for the property, the new owners have proposed to develop the site into a “world-class early learning centre”.
According to Mills, which advised the company on its recent property purchase, the site will add to a portfolio of centres operated under the Avenues Early Learning brand.
Senior associate Jarrod Marchesi said the firm was delighted to have helped Little Lane Early Learning.
“This is an exciting acquisition for Little Lane Early Learning and a significant new addition to its portfolio of quality sites across Australia.
“We are delighted to have assisted in this matter,” Mr Marchesi said.