This article is from the Australian Property Journal archive
THE fully leased four-level Woden Centre commercial building in Canberra’s Phillip has been offered for sale with value-add prospects, after recent refurbishments were undertaken to modernise the 1976 building.
The 20 Bradley Street property is strategically located at the front of the Woden Bus Interchange, Woden Plaza and the 74,000sqm Westfield.
Tenants in the 1,946.5 sqm building include IMB, Aussie Home Loans, Red Cross and Workways Australia with a staggered 3.11-year weighted average leasing expiry.
Colliers International is marketing the property via expressions of interest closing September 6.
Purchasers have the chance to value-add the asset by extending current leases, manage building outgoings and capitalise on the improving market conditions within the Woden Town Centre.
“Buyers are presented with a property that has a passive income stream and numerous long-term value-add opportunities,” Colliers’ Matthew Winter said. “We expect this property to be sought-after by local and domestic buyers given the investment credentials,”
It also presents possible long-term redevelopment prospects given a CZ1 Zoning, the triple street frontage and rectangular shaped 732sqm site area.
Just metres away, also fronting the bus interchange, is the 15 Bowes Street site of the former Medibank building that will make way for the $200 million, dual-building Grand Central Towers with 430 apartments by joint venture partners Zapari and Geocon.
Hyperion Property Group sold its two-level commercial building at 165 Canberra Avenue for $11.5 million last month. It took the 1994-built standalone building of 3,277 sqm, on a 5,256 sqm corner site, to the market last year in September having recently secured vision-related technologies company Seeing Machines as a tenant on 10-year term with a five-year option after the building sat vacant for seven years.
A vacant Belconnen brutalist office building that returns $2 million in rent per year from the Commonwealth government – despite being empty – is on the market with expectations of fetching north of $17 million.
The 56 Chandler Street property in Canberra’s north-west has a 6,014 sqm building that was part of the Cameron Office government buildings constructed through the 1970s.
In February, fund manager EG has acquired another Canberra commercial property, the Australian Medical Association’s building in Barton for $15.6 million, for its High Income Sustainable Office Trust.
Australian Property Journal
