Marprop Real Estate has picked up the Australian Federal Police College in Barton, ACT for $60m.
The acquisition of the 1.5 hectare property at 9 Brisbane Avenue was facilitated by CBRE. The property was sold by a syndicate group who paid $32.1m in 2013, reflecting an 8.9% yield at the time, generating a near 30% total return per annum on their investment.
The property is leased to the Federal Government until 2027 and is an older style property, originally built in 1949. The buildings have been primarily used for accommodation and training facilities for students of the AFP. The AFP have plans for the development of new college facilities at their Majura AFP facility on the eastern outskirts of Canberra.
The property, which is nearer to Lake Burley Griffin, will lend itself to redevelopment for office or residential uses, offering views over the Lake.
Nearby at 19 National Circuit, Cromwell are preparing to demolish an existing building and construct a new six-storey office building consisting of 18,128 sqm of A-grade net lettable area (NLA), with average floor plates of 3,200 sqm.
Marprop recently acquired a 50% interest 60 Carrington Street from Brookfield for $140m and in 202 acquired an office building at 51 Bolton Street Newcastle for $35m.
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