This article is from the Australian Property Journal archive
PRIVATE company Beach Road Enterprises has purchased the historic 50 Bunda Street mixed-use building in Canberra’s CBD for $9.8 million.
The 696sqm site comprises a 2,071sqm building and was sold fully leased to retail, hospitality and commercial tenants, with further income derived from signage and storage, and a 4.25 weighted average lease expiry.
The property fronts the popular Garema retail strip, and is home to underground nightclub Academy as well as Shorty’s Bar, Provini Restaurant, Bartercard and CoCu Group.
Colliers International agent Matthew Winter sold the property via expressions of interest.
The building was designed by Enrico Taglietti, who had migrated from Milan to Australia in 1926. He designed the four-storey office building with an underground cinema seating 500 people – a concept popular in Europe – with office, restaurants and retail space above.
It was refurbished in 2004, when the underground cinema was converted into Academy.
It is zoned CZ1 Core Zoning and Crown Lease and was marketed as having long-term redevelopment upside, with no restrictions on the building’s gross floor area.
Australian Property Journal
