Investment manager Real I.S. has appointed Colliers and JLL to bring to market the Geoscience Australia HQ in Canberra next month.
Colliers and JLL will launch an International Expressions of Interest campaign for the sale of 101 Jerrabomberra Avenue in Symonston in the ACT. Colliers agents Paul Powderly, Matthew Winter, Adam Woodward and James Mitchell and JLL agents Tim Mutton, James Barber and Luke Billiau have been appointed to handle the process.
Agents expect the 31,053sqm property, which is 100% occupied by the Commonwealth of Australia as the headquarters of Geoscience, to attract significant national and international interest above $360million.
Geoscience Australia is Australia’s pre-eminent public sector geoscience organisation. The organisation is the Australian Government’s trusted advisor on the geology and geography of Australia. The building occupied by Geoscience features infrastructure critical to the functions of this agency including laboratories, offices, and GNSS calibration robotics for GPS. The building is strategically located near Parliament and for collaboration with Australia’s Number 1 Earth Sciences programme at Australian National University.
The Geoscience building will be a highly attractive long WALE offering.
In 2021, we recorded $1.1bn of office sales in Canberra, the largest of which was the acquisition of 50 Marcus Clarke Street by Charter Hall & GIC for $335m ($8,333/sqm). The second largest acquisition was also by Charter Hall via its Long Wale in conjunction with the Charter Hall Direct Office Fund who jointly funded a $306m acquisition of 25 Cowlishaw Rd Tuggernong on a 5.3% yield ($11,746/sqm). If that sale is comparable to the Geoscience property then a price above $360m is achievable.