An A-grade office building in Canberra, located at 11 Moore Street, has sold to a private Sydney-based investor for $44 million.
The sale campaign was managed by Knight Frank’s Associate Director of Institutional Sales Nic Purdue and JLL’s ACT Managing Director Andrew Balzanelli on behalf of the Willemsen Group.
Mr Purdue said the campaign generated strong interest from both domestic and offshore groups.
“11 Moore Street is a quality A grade office building strategically located in in the CBD, and can attract both government and corporate sector as potential occupiers within the leasing markets,” he said.
“The campaign resulted in a number of buyers undertaking extensive due diligence on the Canberra market and we now have a wall of capital chasing assets, particularly in the CBD and Barton.”
JLL research revealed 30 June this year that ACT office and retail sales volumes were $659,710,000 compared to $280,315,000 at 30 June 2016.
“JLL’s figures for Canberra’s commercial property volumes at the half-year mark show volumes tracking much higher than this time last year, demonstrating that appetite from investors has remained very strong,” Mr Balzanelli said.
“Canberra is attracting significant interest from investors, and with our underlying economy performing so well, this will continue throughout the rest of 2017.”
Three major Federal Government headquarters, including the Department of Education and Training, Australian Taxation Office and the Department of Infrastructure and Regional Services are all within walking distance from 11 Moore Street. It was developed by the Willemsen Group and constructed by Bovis Lend Lease.
Moore Street’s office building features modern architectural design with appealing aesthetics and building services to meet the needs of ACT and Federal government tenants or corporate tenants alike.
The building has a central core providing large sized floor plates that are equally suited to single or multiple tenants.
The generous natural light, basement car parking, ground floor café tenancy and the highly visible corner position helps to create positive long-term investment fundamentals.
11 Moore Street is situated on an extremely high-profile corner of the Canberra CBD and is 100% leased to AAA-rated tenant the ACT Government until 31 October 2020.