The Canberra office market is set to welcome a new face to shop fitouts in Canberra, as one of the capital city’s A-grade office buildings have just been purchased by a private, Sydney-based investor for $44M. The building is located at Canberra’s 11 Moore Street, in the city’s Business District.
The building was sold as part of a sales campaign managed by Nic Purdue, and Andrew Balzanelli, acting on behalf of the Willesmen Group. The former is the Director of Institutional Sales for Knight Frank, an international real estate agency, whilst the latter is the Australian Capital Territory Managing Director for JTT.
Mr. Purdue released a statement regarding the sale, saying that the sales campaign generated strong interest from a lot of parties, both domestic and offshore.
He adds that the 11 Moore Street property is a grade-A office building located in prime real estate. The building is located in the CBD, which sees traffic from both the government and the corporate sector, in terms of potential leasing transactions.
According to Mr. Purdue, the sales campaign also resulted in a number of buyers taking interest on Canberra’s market, and have done some due research, which has led to a large amount of capital moving around and searching for potential assets, with potential buyers taking particular notice of the CBD and Barton areas.
Research from the JLL, which they released sometime around June 30 this year, said that the office and retail market in had been seeing more and more people shop fitouts in Canberra, as the values for the ACT had increased, totalling a whopping $659,710,000, a drastic increase from the amount measured at the same date last year, which only clocks in at $280,315,000.
The company’s figures for Canberra’s property market at the half-year mark show numbers much higher than that of last year, showing that investors’ interest for the area remains strong, according to Mr. Balzanelli. He adds that the area and the city is attracting a lot of investors, and, when combined with the performance of the city’s economy currently, means that the numbers will be good throughout the rest of the year.
Several major Federal Government HQs are located at a brisk walking distance from the 11 Moore Street property, which was developed by the Willemsen Group, with construction handled by Bovis Lend Lease. The property is close to the Department of Education and Training, the Department of Infrastructure and Regional Services, as well as the Australian Taxation Office headquarters.