Canberra office building expected to sell for $60 million

The A-grade building at 82 Northbourne Avenue is expected to sell for about $60 million via an international expressions of interest campaign by Colliers International and Raine & Horne Commercial Canberra.

Colliers International national director of capital markets Tim Mutton said the property’s position on the major thoroughfare represented an “unrivalled opportunity” for investors.

The building was designed by award-winning architects BVN and completed in 2008. It features 6853 square metres of leasable space and is occupied by the Australian Maritime Safety Authority.

The Northbourne Avenue building was completed in 2008. Photo: Rodrigo Vargas

“There is future potential to attract smaller tenants given the area’s growing popularity and increasing amenity,” Mr Mutton said.

The building last changed hands in 2009 when it was purchased by local investment company Fairway for $44 million.

Number 82 is the second Northbourne Avenue building this year to command a $60 million price tag.

The home of the Department of Infrastructure at 62 Northbourne Avenue hit the market in June and expressions of interest closed in August.

The refurbished building had a five-star NABERS and was positioned across from the Jolimont Centre.

Number 73 Northbourne Avenue sold for $29.2 million in April. The building’s position on the corner of Barry Drive and the proposed light rail route resonated with interstate buyers and sold to a Melbourne investor.

Other Northbourne Avenue sites are slated for redevelopment after selling this year.

Geocon purchased a 6200-square-metre site at 92 Northbourne Avenue for $25,025,000 and has plans for a hotel, residential apartments and retail space.

Further along Northbourne Avenue, another mixed-use development is on the cards for Dickson.

The Art Group purchased the 30,000-square-metre slice of land at an auction in August for $40 million.

The site includes 500 metres of Northbourne Avenue frontage and Art Group director Johnny Roso said the company would replace the old public housing blocks with a “world-class precinct”.

Other major commercial sales for the CBD this year include theNorthbourne Square site for $34 million, Australia Place on Mort Street for $41.5 million and Eclipse House on London Circuit for $13.5 million.