An International Expressions of Interest campaign for Geoscience Australia HQ in Symonston has been launched, and the sale is expected to break current ACT price records.
Colliers and JLL Australia have put the iconic Canberra building up for international sale and say the 101 Jerrabomberra Avenue block in Symonston will be a momentous sale for the Territory.
Colliers State Chief Executive ACT, Paul Powderly, said they expect “significant interest from national and international investors and that the final sale price will be in excess of $370 million, which would be a record for the ACT”.
“This interest will be driven by the fact this property is strategically located, 100 per cent occupied by the Commonwealth of Australia, and is underpinned by a ‘AAA’ secure, long-term income stream with fixed annual escalations and a 10-year WALE (weighted average lease expiry).
“With a net income of over $26 million and a rare double net lease arrangement, 101 Jerrabomberra Avenue presents a singularly outstanding opportunity.”
Geoscience Australia HQ sits on a 160,378sqm site, and has seen upwards of $7 million in capital expenditure. The 32,659sqm facility includes on-site amenities such as 652 parking bays, a childcare centre, end of trip facilities, public gallery, research library, café, and gym.
Colliers Director of Capital Markets and Investment Services, Matthew Winter, said “the Canberra office market offers a very attractive value proposition from a yield and capital value perspective”.
“Canberra’s prime yield range is higher than other major Australian markets and in comparison to other Australian CBDs and global cities, Canberra has lower capital values.”
Purpose built by the Commonwealth in 1997, Geoscience Australia HQ is considered to be a “renowned building of national significance”.
JLL Managing Director, Tim Mutton, said that “given the scientific nature of the tenant, the building was designed to be highly efficient and deliver a first-class working environment”.
“The property provides a mix of high-quality office, specialised laboratory and storage accommodation across two interconnected buildings,” he said.
Geoscience HQ is being offered for sale by way of International Expressions of Interest, which close 4pm on Thursday 12 May.
Get all the latest Canberra news, sport, entertainment, lifestyle, competitions and more delivered straight to your inbox with the Canberra Daily Daily Newsletter. Sign up here.
