This article is from the Australian Property Journal archive
A PRIVATE investor has a snapped commercial site with redevelopment upside in Canberra’s inner northern suburb of Dickson for $20.6 million.
The 7,190sqm site at 71 Woolley Street was sold prior to auction by Ray White Commercial Canberra’s Andrew Smith on behalf of PPG.
It was sold on a 6.2% yield with leases to long-term anchor tenants Shell and KFC, as well as Coles Express, Subway, Ali Baba and Blockbuster Video, returning $1.285 million net per annum and with a 6.3 year WALE.
Smith said the site attracted more than 70 enquiries during the marketing campaign.
“It is rare for an inner suburb retail asset of this scale to come on to the market in the ACT,” Smith said. “Interest was received from local, interstate and international parties. Potential buyers were attracted to the high profile tenant mix, long-term redevelopment potential and the 7,190 sqm landholding,”
The site sits opposite a new Coles and Aldi mixed-use development.
“The Dickson precinct is currently undergoing a huge transformation with three major mixed-use developments under construction and another two to commence in the next two years, delivering up to 1,500 apartments, 6,000sqm of retail space and a 13,500sqm office building,” Smith said.
He said the Dickson Master Plan allows for six-level development.
Australian Property Journal
