Canberra's Woden Centre tipped to sell for more than $8 million
A major mixed-use commercial building in the heart of one of the ACT’s key town centres has hit the market with price expectations of more than $8 million.
The Woden Centre, at 20 Bradley Street, Phillip, is a fully occupied, prominent four-level, 1946-square-metre asset, which adjoins the 74,000-square-metre Westfield Shopping Centre, the Woden Bus Interchange and the Woden Plaza.
With high demand for quality commercial investments in the nation’s capital and strong sales results throughout 2018, Colliers International investment services associate director Matthew Winter expects buyer interest will be strong due to limited on-market opportunities for such properties in Canberra.
“We’ve seen unprecedented demand from local and national investors looking for quality commercial assets with long term value-add upside, particularly within key locations,” he said.
Mr Winter said the $13.35 million sale of the Garema Centre, a standalone retail building at 70 Bunda Street, Canberra, late last year, was the only recent comparable sale.
The Woden Centre is being sold by a local syndicate of owners, who purchased the centre in 2011.
Constructed in the late 1970s, the building has recently been modernised and attracts a yearly rental income of $621,558.
Its diverse mix of 11 tenants include national businesses, such as Aussie Home loans, IMB, Red Cross and Workways Australia.
It has a staggered mid-term 3.11-year weighted average lease expiry.
The Woden Centre has further opportunities for purchasers to add value via extending leases, managing building outgoings and capitalising on the centre’s improving market conditions.
“Buyers are presented with a property that has a passive income stream and numerous long-term value-add opportunities. We expect this property to be sought-after by local and domestic buyers given the investment credentials,” Mr Winter said.
“In addition, there may be possible long-term re-development prospects given the triple street frontage, CZ1 zoning and rectangular shaped 732 square metre site area.”
The Woden Centre is being sold via an expressions of interest campaign which ends Thursday, September 6 at 4pm.
