Rockingham Montessori School leases Port Kennedy playground after $850,000 sale to local investor

A Port Kennedy playground has sold for a whopping $850,000 in an off-market deal. The 3038 sqm site at at 17 Jacquard Way sold with a 5.29 per cent yield alongside a 10-year lease to Rockingham Montessori School. Ray White Commercial listing agents Enrique Reyes and Josh Sumner said the property attracted interest from investors who understood the stability the tenant provided and was eventually purchased by a local investor. “The property has a 10-year lease to well-established education institution, Rockingham Montessori School, which has also taken similar long-term lease covenants in two other adjacent properties,” Mr Reyes said. The property was originally planned to be an industrial development but last year the Rockingham Montessori presented an attractive long-term lease proposal to the seller. “The property is quite unique in that it’s a playground with power and water,” Mr Reyes said. Mr Sumner said the Port Kennedy area had recently seen a spike in activity on the market. “The Rockingham-Port Kennedy area traditionally has had its challenges, however, with the market tightened up, and strong local businesses signing up longer leases, there is clearly renewed interest in the area,” he said. “Being a leased investment also makes it easier for properties to move as that market is very tight at the moment.”