Unit 8, 9 Sydney Avenue, Barton
Unit 8/9 Sydney Avenue, Barton, ACT, 2600, AU
715 m²
Asset Description
23 Furzer Street, also known as the ‘Yaradhang Building’, represents a landmark asset of national significance, serving as the headquarters of the Commonwealth Department of Health and Aged Care (DHAC).
Purpose built for DHAC in 2010, the asset provides a high standard of A-Grade office accommodation across ten ‘campus-style’ levels with ample onsite car parking provided across two basement levels. building capex since June 2023, including lift and end of trip upgrades. 23 Furzer Street exemplifies sustainable design and operation, boasting 6-Star NABERS Energy and Water Ratings. These market leading credentials, complemented by multiple national sustainability awards, solidify its status as a best-in-class Government campus asset in Australia’s commercial real estate market.
A 10-year lease extension was agreed with DHAC in 2019, with their lease now expiring on 1 February 2035, including annual 3.25% fixed rental increases and an option term of five-years. Since their extension in 2019, DHAC has undertaken significant fit out works, with an additional $4.2 million spent on base building capex since June 2023, including lift and end of trip upgrades.
23 Furzer Street exemplifies sustainable design and operation, boasting 6-Star NABERS Energy and Water Ratings. These market leading credentials, complemented by multiple national sustainability awards, solidify its status as a best-in-class Government campus asset in Australia’s commercial real estate market.
A 100% Crown Leasehold Interest in 23 Furzer Street is offered for sale via Expression Of Interest (EOI), closing Thursday 28th November at 4pm (AEDT). Purchasers are invited to submit an EOI, addressed to the agents.
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Attributes
Building area net
46,029 m²
Occupancy
100%
Year built
2010
Land area gross
10,419 m²
Building class
A
NABERS
6 Star
Media
Investment Highlights
99.5% of income underpinned by the Australian Government featuring a AAA credit rating.
10+ year wale with 3.25% fixed annual rental increases following a market review in 2025.
Tenant investment of $64M+ into upgrading their fit out following their lease extension to 2035.
Future proofed asset with limited forecasted capex, noting an agreed 15-year capex plan with DHAC in 2019.
Leadership in environmental performance, boasting 6-Star NABERS Energy and Water Ratings.
Geographic centre of Canberra situated in the heart of Woden Town Centre with excellent amenities and transport links.
Australia's lowest office vacancy rate at 9.5% with strong tenant demand for high quality, A-Grade office space.
Significant planned public infrastructure spending including the light rail stage 2B, CIT Woden, and Canberra Hospital Expansion.
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Last updated
7 Nov 2024
