Canberra building in high street retail strip comes to market

A retail office building has come to market in Macquarie, ACT presenting investors with the opportunity to secure an asset in one of Canberraโ€™s key growth districts. ย 

JLLโ€™s Mitch Frail and Andrew Balzanelli, have been exclusively appointed to sell 53 Bowman Street, Macquarie via an Expressions-of-Interest campaign.

53 Bowman Street is a two-level, single-titled building located in Canberraโ€™s desirable suburb of Macquarie near the Jamison Plaza Shopping Centre. The free-standing building has a total NLA of 660sqm

Occupying the ground floor for more than a decade is The Salvation Army who have occupied the building for over 10 years on.โ€‹ The Salvation Army have committed to a 5-year lease to July 2026 with a 5-year option.

The estimated fully leased passing net income for 53 Bowman Street is $227,000 per annum.

Mr Frail said, โ€œThe first floor is currently vacant and provides investors and owner-occupiers theย opportunity to refurbish and occupy the whole floor or part of the floor then leaseย out the remaining space to increase the value of the building all while havingย secure holding income on 50% of the building.

โ€œThe valuable land component of the site that presents prominent frontage to Bowman Street with rear access to the ground floor tenancy via Lawry Place, benefits from its flexible Commercial CZ3 zoning in the heart of Macquarie, allowing for a vast range of prospective businesses to occupy the first floor further adding value to the building,โ€ said Mr Frail.

Conveniently located in the Macquarie Local Centre Precinct close to public transport, amenities and ample parking, the asset is opposite the Coles and Aldi anchored Jamison Plaza Shopping Centre. The area services not just the local residents of Aranda, Macquarie, Cook and Page but the approx. 100,000 residents of the greater Belconnen region. โ€‹

Expressions of Interest for 53 Bowman Street, Macquarie close on Thursday, 16 March 2023 at 4pm AEDT.

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