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JLL - Melbourne
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73 Northbourne Avenue City, ACT 2601

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73 Northbourne Avenue City, ACT 2601

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Land area

1301.0m²

Floor area

6112.0m²

Car spaces

92

Property extent

Whole

Tenure type

Tenanted Investment

NABERS

4.5

Sold on

22 Apr 2016

Perfectly Timed Capital Investment

  • Core CBD office location
  • Strong environmental credentials
  • Staggered lease terms with fixed reviews
JLL and CBRE are delighted to present 73 Northbourne Avenue, Canberra ACT for sale by Expressions of Interest closing Friday 11 March 2016 at 3:00pm (AEDT). 73 Northbourne Avenue is leased primarily to the Australian Fisheries Management Authority (AFMA) and Dixon Advisory along with three (3) other high-caliber private sector tenants and is one of the most recognisable buildings in Canberra.

Providing A-grade office accommodation standards with strong environmental credentials, 73 Northbourne Avenue offers a diverse income stream from a mix of Blue Chip and AAA rated tenants resulting in a weighted average lease expiry (WALE) of 3 years by income at 1 February 2016 (approximately).

This well-managed asset has benefited from a comprehensive Capital Expenditure (CAPEX) program with a total expenditure of approximately $4.3 million since 2007 and is currently performing to a 4.5-Star NABERS Energy rating, whilst targeting 5-Stars upon the next review in December 2016.

73 Northbourne Avenue offers investors a perfectly timed opportunity to acquire a modern refurbished office building located prominently at the gateway to Canberra’s CBD, with a striking glazed façade ensuring the property retains timeless character. The asset offers the following key investment highlights:

• A-grade office standards set on prime corner position
• Passing net income of $2,626,887 pa at 1 June 2016 (approx.)
• WALE of approximately 3 years by income at 1 February 2016
• Assured income growth via fixed annual rent increases
• A long occupation history in a precinct that has good retention rates
• 4.5-Star NABERS Energy Rating, and targeting 5-Star by Dec 2016
• Well-managed asset with a comprehensive CAPEX program
• Above average car parking ratio of 1 space per 66sqm of NLA
• Residential use permitted in the Crown Lease purpose clause
• Ground floor tenancies with high exposure to major arterial roads

Property ID: 501832614Last Updated: 6 Jun 2016

JLL - Melbourne
73 Northbourne Avenue
City, ACT 2601

JLL - Melbourne

Level 40, 101 Collins Street
MELBOURNE, VIC 3000

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JLL - Melbourne

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JLL - Melbourne

Level 40, 101 Collins Street
MELBOURNE, VIC 3000
CBRE - Sydney

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CBRE - Sydney

Level 21, 363 George Street
SYDNEY, NSW 2000
CBRE - Canberra

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CBRE - Canberra

Level 12, 14 Moore Street
CITY, ACT 2601
JLL - Canberra

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JLL - Canberra

Level 7, 121 Marcus Clarke Street
CITY, ACT 2601
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JLL - Melbourne
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