ISPT has moved quickly to add to its existing Office portfolio in Barton , acquiring No 7 National Circuit for $15m.
The 3 level commercial building has several vacant suites with tenants including the Embassy Of Argentina and the National Party, who also previously owned the property.
The deal adds to ISPTs extensive holdings on National Circuit which is the closest commercial office area to Parliament House. The Group owns a further 4.7h of land at 1-5 and 2-4 National Circuit which have been acquired and developed since 1999. The addition of 7 National Circuit creates an opportunity for a future redevelopment of the site.
Nearby, Cromwell Property Group is planning an $85 million redevelopment of the former Labor Party headquarters, Centenary House, in Barton. Cromwell says it has lodged a development application for the project which would see the building at 19 National Circuit demolished and replaced by a six-storey office block designed with sustainability and active travel in mind. The new building will consist of 18,000 square metres of A-grade net lettable area (NLA), with average floor plates of 3,200 square metres surrounding an internal atrium designed to promote inter-floor connectivity and natural light.
The acquisition of 7 National Circuit comes as ISPT pulled out of the deal to acquire the Macquarie's Martin Place development which was in the final stages of due diligence. The $950m acquisition became impossible following the COVID 19 impacts on the broader market, and following a massive redemption on the fund from key investor Host Plus.
ISPT also recently settled on the acquisition of 19th Avenue Shopping Centre near Palm Beach on the Gold Coast. The $35m deal was completed on a yield of 5.6%.
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