One of the last opportunities to buy a building on Bunda Street with superb value add opportunity.
Garema Centre, 70 Bunda Street in Canberra is being offered for sale via International Expressions of Interest. It is the third building in the Garema precinct to be sold in the past 12 months.
Matthew Winter, Manager of Investment Services at Colliers International said he expected significant interest from developers and investors.
“Garema Centre will be one of the last opportunities to acquire a building along Bunda Street, which has such great development potential,” said Matthew.
“It is a standalone retail building, on a large rectangular site of 1,052sqm with very wide street frontage to Bunda Street and Garema Place. The site is zoned CZ1 which may allow additional uses such as residential or hotel, subject to approvals.
“This presents a significant long-term redevelopment opportunity and is likely to draw interest from local and interstate developers looking to convert the building into residential, hotel or potentially student accommodation.
“It will also appeal to private and interstate investors, as well as local syndicates, who are looking to acquire well-located assets with value-add opportunities,” he said.
Garema Centre has been owned by a local syndicate since late 1980’s and are looking to capitalise on strong market conditions.
Colliers International sold 50 Bunda Street for $9.8 million in June, showing a 6.67% net yield. The sale price set a new benchmark for standalone retail buildings in the CBD and 70 Bunda Street is expected to achieve a higher price point due to the long-term flexibility of the asset.
Garema Centre is a well-recognised building in the CBD, directly opposite Canberra’s largest shopping centre, The Canberra Centre. The striking architecture is reminiscent of the 1980’s with glass atrium running through the centre of the building.
Matthew said, “The asset has a strong leasing history. It is multi-tenanted with 12 retail, restaurant and office tenants and has scope to add significant value through repositioning, lease renewals and active management”.
Garema Centre is located on one of the main streets in the CBD with great exposure and is only 200m from the City’s bus interchange and 300m from the new ACT light rail currently under construction.
International Expressions of Interest close Thursday 24 August 2017 at 4pm.