Canberra office sales record set to be broken via listing of Geoscience Australia building

Real I.S. is selling the Geoscience Australia building for more than $360m

A record price for the sale of Canberra office space is expected to be achieved via the listing of the Geoscience Australia building.

The building located at 101 Jerrabomberra Ave, Symonston in the ACT is being brought to market this month on behalf of vendors Real I.S., a German pension fund manager, by Colliers and JLL via an Expressions of Interest campaign.

The building, that sits around 2km south west of central Canberra, is expected to attract strong local and overseas interest above $360m.

The 32,054 sqm property is fully occupied by the federal government as the headquarters of Geoscience Australia.

The Geoscience Australia is expected to fetch more than $360m.

According to its website: “Geoscience Australia is Australia’s pre-eminent public sector geoscience organisation. We are the nation’s trusted advisor on the geology and geography of Australia. We apply science and technology to describe and understand the Earth for the benefit of Australia.”

The property itself houses office and lab space, a library and workshops across two buildings and a car park capable of accommodating over 500 cars.

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The building is 25 years old.

According to The Australian, the federal government has struck a lease for the facility through to 2032.

The lease has a net income of around $25m.

Real I.S purchased the holding for $234m in 2006.

The current Canberra office space record is $335m, which was set in October for 50 Marcus Clarke St.