Long WALE opportunity leased to ACT Department of Health

Altis Property Partners has listed a significant Canberra office asset for sale which is expected to fetch close to $80 million, amid predictions that ACT commercial property sales will top $1 billion this year for the first time. 

CBRE’s Nic Purdue, Michael Andrews and Scott Gray Spencer have been appointed to market the 2-6 Bowes Street building in conjunction with Colliers International’s Paul Powderly and Matthew Winter. 

The six-level, 12,376sqm Woden Town Centre building is the headquarters for the ACT Government’s Health Directorate and currently houses the ACT COVID response team. 

The asset offers a strong 9.4-year WALE by income, fully backed by government tenants. 

“Woden Town Centre is Australia’s public health policy hub, and the market is underpinned by a concentrated health workforce,” Canberra’s Head of Capital Markets, Nic Purdue, said. 

“This, coupled with the building’s long WALE and strong government tenancy covenants, coupled with the fact that Canberra is being recognised as one of the best performing office markets in the country, is expected to generate significant investor interest in the sale campaign.” 

Mr Winter noted that transformative infrastructure development was occurring in the surrounding area, including light rail Stage 2B, the $500 million Canberra Hospital expansion and new Canberra Institute of Technology campus. 

“In addition, the building has been substantially upgraded and offers a 5.5 Star NABERS Energy rating, which demonstrates its future resilience and the need for limited capital expenditure,” Mr Winter said. 

“Low unemployment and Canberra’s robust office occupancy rates will be another investor drawcard.” 

Expressions of Interest for 2-6 Bowes Street close October 21, 2021.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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