QIC to Develop $350 Million Canberra Complex

QUEENSLAND Investment Corporation will build a $350 million mixed use development in the Canberra city centre.

The proposed development will replace a car park, and include an 11-storey office with 41,500 square metres of space, as well as a 13-level apartment building with some 300 flats. According to the AFR, it will also include a 12,600 square metre shopping centre and more car parking.

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Costco Chooses Canberra For Third Australian Store

COSTCO will open its third Australian outlet in Canberra, and retail giant Woolworths is right behind it.

Costco has chosen the Majura Park shopping centre adjoining the Canberra Airport to open its second NSW store. Majura Park is the new name for the collapsed Airport Brand Depot discount outlet.

Only two stores within the previous shopping centre remain: Toys ‘R’Us and Babies ‘R’Us.

Woolworths has also leased space within the revamped centre, and will open an 8000 square metre Big W, a 400 square metre Dick Smith and a 4800 square metre supermarket.

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Emboss Capital Pays $55 Million For Civic Office, Canberra

EMBOSS Capital has paid $55 million for a Canberra office building – its second major transaction on Australia’s east coast recently.

The A-grade, six-level, 9000 square metre office, in the suburb of Civic, was sold with a long lease to the federal government.

According to the selling agencies, Colliers International and Jones Lang LaSalle, the building sold on a yield of 7.4 per cent.

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Department of Climate Change Leases Major Canberra Office

THE Department of Climate Change and Energy Efficiency has leased a 21,000 square metre office in Canberra, paying a whopping annual rent of between $420 and $450 per square metre.

The government employers will work from picturesque space adjacent to Lake Burley Griffin, at a $550 million development being built by the Molonglo Group on the site of the former Hotel Acton.

The government body’s headquarters will be known as the New Acton Nishi office.

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Major Canberra Housing Proposal Rejected

THE NSW Land & Environment Court has rejected a major development application near the Canberra Airport, which may have helped solve some of the affordability issues of the city.

The 4685-block, 130-hectare Tralee proposal has been fought since 2002 by developer Village Building Corporation, and the Canberra Airport, which has argued residents would be exposed to aircraft noise and complain, if the development went ahead.

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Westpac Makes Loss From Sale of Canberra Office Building

THE Westpac Office Trust has made a huge loss on a Canberra office building it bought in late 2006.

The 221 – 227 Anzac Parade office in Kensington sold for $35.5 million reflecting a yield of 7.6 per cent based on the building’s annual income.

Westpac paid $41 million for the building on a 6 per cent yield a little under three years ago.

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Canberra’s Maritime Safety Authority Building Sells For $44 Million

CANBERRA’s near new Australian Maritime Safety Authority building has sold for $44 million to an undisclosed private investor.

The 82 Northbourne Avenue office, which was completed last July, sold on a yield of 7 per cent.

The building measures seven levels and was sold with a 15-year lease to the government, paying a high $430 per square metre (high compared to similar quality offices in Sydney and Melbourne).

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Willesmen Pays $11.33 Million For Canberra Development Site

PROMINENT Canberra property investor The Willesmen Group has paid $11.33 million for an office building in the nation’s capital.

Thee development site, on the corner of National Circuit and Canberra Avenue, is earmarked to become a 20,000 square metre office building, capitalising on strong tenant demand in the area, known as “The Parliamentary Triangle”.

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