Canberra\u2019s office sales market is surging toward a record year with Real Asset Management becoming the latest player to buy in, paying Lendlease $115 million for 25 Constitution Avenue.<\/p>\n\n\n\n
It\u2019s understood the acquisition of the Alan Woods Building was made by RAM\u2019s new Diversified Property Fund, primarily backed by offshore investors, and has received Foreign Investment Review Board approval.<\/p>\n\n\n\n
Lendlease\u2019s flagship office investment vehicle, Australian Prime Property Fund Commercial, put it on the market soon after a renovation that led to it securing the Commonwealth of Australia as a major tenant.<\/p>\n\n\n\n
Built in 1988, the building has 16,600sq m of net lettable space, is 100 per cent leased and was sold on a passing yield of about 5.5 per cent. Selling agent Tim Mutton from JLL declined to comment.<\/p>\n\n\n\n
Meanwhile, sources say ASX-listed Cromwell Property Group is in exclusive due diligence on the adjacent building at 33 Allara Street, which is of a similar vintage and expected to fetch almost $80 million.<\/p>\n\n\n\n
The eight-storey building near the Canberra Convention Centre, Canberra Casino and Glebe Park is being sold by leading local developer Molonglo Group after extensive refurbishment. Molonglo bought it in 2015.<\/p>\n\n\n\n
It has been quietly marketed by Colliers, which did not return calls.<\/p>\n\n\n\n
Buyer demand has been exceptionally strong for government-backed long weighted lease expiry Canberra office assets.<\/p>\n\n\n\n
Including 25 Constitution Avenue and 33 Allara Street, nine Canberra office assets have sold far this year for just over $860 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
Canberra\u2019s office sales market is surging toward a reco […]<\/p>\n","protected":false},"author":1,"featured_media":25166,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"post-type":[],"class_list":["post-28548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-media-zh-hant"],"acf":[],"yoast_head":"\n