Aware Super has added another build to rent asset to its book – this time in Canberra’s exclusive Dickson.
With its real estate partner Barings, the group is paying $157.5 million for the six storey complex, which reached practical completion last month.
The apartments sit over a small mall, anchored to Coles and with 10 specialty stores, also part of the deal.
The blended fully let yield is six per cent.
Canberra’s first BTR deal
The Dickson asset, 1 Badham Street, at the corner of Antill, in the Dickson Group Centre, four kilometres north of Canberra’s CBD, also includes a two level basement with c455 car parks (story continues below).
Coles occupies 3873 square metres on an initial lease expiring in 2035.
Essence Communities will manage the units.
The deal is the first for a Canberra build to rent asset.
With it, Aware is on track to holding c2000 units of this type; it recently acquired two prominent Melbourne sites for these investments with Altis, in Queens Road, five kilometres south of the CBD, and Preston, in the north.
Subscribe to our newsletter at the bottom of this page.