This article is from the Australian Property Journal archive
CONTRACTS have been exchanged for a versatile 4,092 sqm site in Canberra’s northern suburb of Bruce, with an existing commercial building, for $3.3 million.
The 9 Thynne Street site sold with a CZ5 Mixed Use zoning, allowing for a range of uses including office, medical, childcare, residential and retail.
It currently has a two-level building of around 1,948 sqm with large floor plates and ample natural light and allowed use for office and technology, with income from a ground floor tenant covering the building outgoings.
The sale price reflected a land rate of $806.45 per sqm, and was offered “well below” replacement cost by LJ Hooker Commercial’s Greg Lyons and Mark Thompson.
The agents publicly stated the current building was completed just more than 18 months and was probably at a B-grade level, but “would find a ready market” if refurbished to A-grade.
The site is located between the CBD and Belconnen Town Centre, and within walking distance of University of Canberra, Australian Institute of Sport, Calvary Hospital, Bruce CIT, Canberra Stadium and Radford College.
Australian Property Journal
