The Woden Centre is an excellent investment opportunity, says Colliers. Photo: Colliers.
A mixed-use commercial office in the heart of the Woden Town Centre and adjoining Westfield is on the market.
Acquired by Uniting Church (Illawarra Presbytery) with assistance from Realmont Property Partners in 2018, the four-level Woden Centre offers 1946 square metres of office space, a 2.21 year average lease length (WALE) and sits on a 732 sqm corner site with triple frontage.
Colliers is marketing the property, which is being sold through an Expression of Interest process.
The sale comes as the Town Centre enters a new era with the opening this month of the adjacent Woden CIT and next year the new transport interchange.
Colliers Capital Markets and Investment Services ACT head Matthew Winter said the property at 20 Bradley Street was an excellent investment opportunity and expected to bring more than $7.5 million.
“The building is nearly fully leased with a diversified tenancy profile including national businesses such as IMB, Aussie Home Loans and Red Cross Australia,” he said.
“With 86 per cent of the office space leased, there is still potential income growth that can be harnessed, as well as value enhancing strategies to explore.”
Colliers National director of development Paul Powderly said there had been significant development and government investment in Woden in recent years.
“This includes the new Canberra Institute of Technology Campus that has been established adjacent to Woden Town Centre,” he said.
“Light rail construction is under way for Stage 2A and 20 Bradley Street will provide great access to tram and bus transport services.”
Construction of Light Rail Stage 2B from Commonwealth Park to Woden is due to start in 2028 and take five years to reach the new interchange.
Mr Powderly said 20 Bradley Street offered a long-term opportunity to increase the value of the property in a key employment hub.
“Canberra remains a steady and attractive investment location, but there have only been limited opportunities to secure a commercial asset in the national capital since the beginning of this year,” he said.
The CZ1 zoned building was refurbished about seven to eight years ago.
Woden Centre was completed in 1976 and enhanced in 2012 and 2016-17 with facade, entrance lobby and amenities upgrades and on-floor refurbishment.
Interest has been mainly from local and interstate private purchasers as well as some small syndicates and funds.
The EOI process closes on 30 July.
