Charter Hall Becomes New Owner of ActewAGL Office Building at 40 Bunda Street in Canberra | Canberra weather

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Real estate investment firm Charter Hall has acquired a premier Civic office building in a $ 76 million deal that capped a record year for office sales in Canberra. Leased by utility provider ActewAGL, the seven-story office building at 40 Bunda Street went on sale in October with price expectations of over $ 80 million. Event Hospitality and Entertainment, which owns Event Cinemas, QT Hotels and Thredbo Alpine Resort, has put the building up for sale as part of its “strategy to divest non-core real estate assets,” a spokesperson told the Canberra Times in December. MORE PROPERTY NEWS: International investors were among the earliest interested parties, but it was Australia-based Charter Hall that closed the deal in the final weeks of 2021. Charter Hall CEO David Harrison , said the property ticked many boxes, including the current rental agreement. with ActewAGL, which was recently extended until 2029. ”[40] Bunda Street is clearly in the heart of Civic, it is a modern building [and it has] a Crown corporation as the primary tenant, ”he said. The acquisition follows Charter Hall’s recent investment in 50 Marcus Clarke Street, partnering with Singapore-based investment firm GIC to purchase the upscale office building for $ 335 million in December. company, Charter Hall owns 5 percent of the property. The two recent purchases bring Charter Hall’s total investment in the Canberra office market to over $ 1 billion. [it is the] lowest vacancy market of any major market in the country, ”said Mr. Harrison. He said weighted average lease terms (WALE), a large government workforce and modern buildings are all attractive factors in the commercial office market. “They’re all kinds of strategic filters, if you will, that we’re looking at [for] and clearly Canberra offers that, ”he said. The 40 Bunda Street sale was led by Colliers and JLL. Colliers’ director of capital markets and investment services, Matthew Winter, said 2021 was “well and truly” a banner year for the ACT office market. , with more than $ 1.4 billion in real estate transactions. “[It’s] something we’ve never really seen in terms of pricing metrics, but also the volume of properties actually traded, ”he said. “We expect strong buyer interest and pricing to kick in in the first half of 2022. There are a few campaigns that are slated for Q1. Mr. Harrison said Charter Hall will continue to seek investment opportunities in Canberra in 2022 and beyond. Between the company’s office buildings, industrial buildings and shopping centers, Charter Hall’s investments in Canberra are estimated “It wouldn’t surprise me to see this double over the next two or three years,” said Mr Harrison. Our reporters are working hard to provide local and up-to-date information to the community. Here’s how you can go on. to access our trusted content:

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