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Wednesday, November 25, 2020

Belconnen office sells for over $39 million

An office building in Bruce with has sold for more than $39 million after an off-market campaign.

1 Thynne Street in Bruce is currently tenanted by the Australian Institute of Health and Welfare (AIHW) until 2029, and was acquired by KM Property Services for $39.3 million.

Colliers International director capital markets and investment services, Matthew Winter, said strong interest was due to the property having “all the fundamentals in place”.

“The total site area is 9,578sqm, which allows for the provision of 208 car parks in its current configuration. However, it has mixed use zoning which would permit additional future uses,” he said. “Fixed annual rent reviews of 3% per annum provides strong income growth.

“This sale reflects the outstanding opportunity this property presents as well as the fact the Canberra market continues to appeal to investors seeking stability through long-term investments underpinned by secure tenant covenants with attractive pricing metrics.”

Find more property news and listings at Canberra Weekly Real Estate.