Geocon buys Canberra's Garema Centre

Canberra's Garema Centre has been sold to Geocon for $13.35 million.

Garema Centre, 70 Bunda Street, Canberra City is a standalone retail building, on a 1,052sqm site zoned CZ1.

Matthew Winter, Manager at Colliers International said the listing recording the highest level of enquiry for a Colliers International listed building so far this year.

“Enquiries for 70 Bunda Street far exceeded that of 50 Bunda Street, with a more diverse group looking to secure the asset," he said.

“Unlike many assets offered for sale this year, the flexibility of the 70 Bunda Street site made it an attractive option to a very broad range of buyers.

"We saw significant interest from developers, investors, student accommodation providers, owner-occupiers and hoteliers.

“We saw significant enquiry from hoteliers, and it is not surprising considering the strength of the Canberra hotel market.

"Canberra hotels were the best performing in the country, with RevPAR up 12.8 percent, compared to Australia-wide which saw an increase of just 2 percent, June year-to-date.”

Developer Geocon is looking to develop a hotel, with architects Fender Katsalidis working on the project.

Works are expected to commence in 2019.