Office tower in Canberra leased to government on the market

Office tower in Canberra leased to government on the market
Office tower in Canberra leased to government on the market

A seven-storey office tower fully leased to the federal government in Canberra CBD has been put up for sale by Credit Suisse Real Estate Investment Management.

The A-grade building at 62 Northbourne Avenue is being marketed by CBRE’s Mark Hansen, Andrew Stewart and Richard Butler through an international expressions of interest campaign.

“Canberra is a classic, safe haven investment, which has always attracted offshore money,” Hansen said.

“Because of the stability of tenure, fixed reviews and long-term leases that the Commonwealth government provides, we expect this property to attract the interest of a number of investors seeking security."

The building has a 5 star NABERS rating and is adjacent to a proposed light rail project.

Stewart said the Canberra market was benefitting from an influx of investors looking outside of Melbourne and Sydney.

“Canberra has seen some significant yield compression in the past two years, with it seen as the next go-to-market – offering a stable economy and strong tenancy profile in many assets,” he said.

Tags: 
Canberra Commercial Market

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