Civil Aviation headquarters gets set for sale
The Civil Aviation Safety Authority’s national operations headquarters has been offered for sale by the newly listed real estate group Garda Diversified Property Fund, with expectations it could fetch up to $30 million.
Garda managing director Matthew Madsen confirmed the asset was close to a sale and that the timing was right to sell.
“We think it is a really good time in the market to sell the asset and we are a committed vendor if we get the right price.”
Colliers International’s national directors for capital markets Tom Barr and Don Mackenzie have been appointed to sell the 4675-square-metre property at 12-14 The Circuit, Brisbane Airport.
“The Civil Aviation Safety Authority, like the Australian Customs and Border Protection Service and Australian Federal Police, all relocated from CBD and Metro areas to the Brisbane Airport over the past decade,” Mr Barr said.
“The amenity and transport options available for staff within the Skygate precinct are very good and for this reason they are all very ‘sticky’ tenants, which is evidenced by the high retention rate.”
The property is fully leased to CASA for another three years with a further five-year option.
After recapitalising and listing on the ASX in June, Garda GDPF acquired a $30 million Blackwoods distribution facility in Mackay and has been looking to buy new industrial and office sites in Canberra and Melbourne.
“Like everyone you are looking to recycle capital from time to time and we are looking to buy some industrial assets as well,” Mr Madsen said.
Garda’s current portfolio includes office buildings at Box Hill in Melbourne, Varsity Lakes on the Gold Coast and two in Brisbane, and a 5700-square-metre industrial facility leased to Visy Boxes at Lytton.
In December the group finalised a $20 million private placement at an 8 per cent premium to its weighted share price at the time. The stock, which listed at $1, traded at $1.07 on Tuesday.
