In the heart of Canberra’s busiest retail precinct, a CBD property auction has blown sellers out of the water, with a sale price more than 30 per cent above expectations.

In a prime position, the property was previously home to HCF and the popular Monkey Bar, adjacent to the Canberra Centre.

Located in the CBD’s key retail throughfare, 128 Bunda Street was offered for sale by vacant possession via Expressions of Interest in late 2021.

Colliers Director of Capital Markets, Matthew Winter, said the successful purchaser was a local owner occupier who plans to establish their own retail business on the site.

“This property attracted a number of bidders. The final sale price of $3.9 million was around $1 million more than the seller initially thought we would achieve,” Mr Winter said.

“In addition to its location, what really sets this property apart and attracted buyers is the range of options it presented.”

The 394sqm NLA building is located in Core Zone 1 under the ACT Territory Plan 2008, and features existing fitout infrastructure, dual access, and long-term landback prospects.

Local and national retailers were expressing interest in the sale, and both institutional investors and private investors and developers were looking for a strategic long-term location on the site.

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