Brite, Quintessential divest Canberra offices

Developed in 1973, Lovett Tower (centre) was Canberra’s tallest building until 2020.

In its maiden Canberra purchase, Hunter Investment Corporation is paying c$30 million for Phillip’s Lovett Tower.

Quintessential Equity is selling 39 Brisbane Avenue, Barton, for over $40 million.

The deal reflects a major windfall for Brite Developments, which paid Cromwell Property Group $19.8m in September, 2020, then pushed forward plans to replace the 1467 square metre CZ1 Core zoned site beside Westfield Woden with a Build to Rent project containing 299 dwellings.

Instead, the 24 level building – Canberra’s tallest office – will be retained as a workplace after undergoing an uber-green refurbishment.

With 24,893 sqm of area, the proposed $45m capital works program might include a four storey extension.

Burgess Rawson’s Guy Randell, who marketed Lovett Tower at 5 Keltie Street with Andrew Goodall, said local and interstate buyers looked in.

“We had interest from numerous funds, privateers and locals…and we received several offers throughout the campaign,” according to the executive.

Geocon’s High Society tower, at Belconnen, he added, replaced the property as the city’s tallest skyscraper in 2020 (story continues below).

Quintessential sells in Barton after refurb

Meanwhile, in the city’s Parliamentary Precinct, Quintessential Equity is speculated to be banking more than $40 million from 39 Brisbane Avenue, Barton, home to the Australian Medical Association, BAE Systems and Spirit Super.

The price for the four storey, 4868 sqm building would reflect a sub 5.4 per cent net passing yield.

It also represents a major capital gain for the vendor, which outlaid $16.5m in 2017 before refurbishing.

Colliers’ Matthew Winter and Paul Powderly with JLL’s Tim Mutton are the marketing agents.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.