Fifty Group has bought two Canberra hotels with a total 137 rooms.

The freehold for the Garden City Hotel, BW Signature Collection, at Narrabundah set it back $13.7 million.

On 6644 square metres at 55 Jerromberra Avenue, it contains a restaurant, function facilities and pool.

There are also 73 rooms.

Meanwhile Fifty Group has also bought the Statesman Hotel at 14 Theodore Stret, Curtin.

Opened in 1967 and operated by the O’Donnell family, it includes 64 guest suites, a bar, bistro, sports bar, bottle shop, café and function facilities.

Fifty Group enters Canberra market

The properties mark the Sydney-based buyer’s entry to the ACT market (continues below).

A deal is in the works for Accor to run them,

Each property will be upgraded.

The Statesman site had previously been the subject of a 12-storey apartment project (abandoned after the Curtin Masterplan imposed a six-level development limit).

It is five kilometres south-west of the Canberra CBD.

The Garden City Hotel, BW Signature Collection, Narranbundah, is six kilometres south-east of the city centre.

The deal comes nine months since realestatesource.com.au reported Fifty Group sold the Mercure Rockhampton from Felix Capital.

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Serene Capital has secured The Ascott Limited to a Canberra hotel vacated last month by Adina Serviced Apartments.

The 128-room property, 45 Dooring Street, Dickson, will become Quest’s third guesthouse in the city.

It will more than double the rooms it manages in the capital.

TFE Hotels controls the Adina brand in Australasia.

Dickson is three kilometres north of Canberra CBD.

The hotel is about 500 metres from the suburb’s dining precinct.

Adina to Quest

Developed in 2010 on a 2691 square metre Crown leasehold site, the asset last sold in 2017 for $32.4m

It has been revamped ahead of Quest moving in, with a paint job, carpets and minor repairs.

Branding has been put up too.

Part of the ground floor has also been fit out for The Pantry, Quest’s grab-and-go offering (continues below).

Further renovations are planned, to the suites and public areas.

It is one of nearly a dozen assets held in the Serene Capital Hotel Fund.

In 2023 we reported Serene, founded and led by Glen Boultwood, paid Shakespeare Property Group $41.5m for an office-converted-hotel at Woden, south of Canberra’s CBD.

Quest doubles down in Canberra

Quest now manages 247 rooms and apartments in Canberra.

The Dickson is configured with studios and one and two-bedroom units, with kitchens, laundries, living rooms, working areas and balconies.

Eight staff will be transferred to the operation.

“Quest Canberra Dickson more than doubles our footprint in the capital and gives guests another way to experience the city – close to the CBD and major institutions, but firmly connected to the character of the inner-north,” Quest Apartment Hotels managing director, David Mansfield, said.

The company is seeking to number of venues in Australia, New Zealand and Fiji from about 160 today to 200 by 2030.

Quest starts work on Adelaide hotel

Also this week, Quest has started construction on an 87-room apartment hotel in Adelaide’s north Elizabeth.

Developed, built and owned by Emmett, the property, being built on the corner of Main North Road and Prince Charles St, is due to open in March 2028.

To be known as Quest Elizabeth it will comprise studios and two-bedroom twin-key apartments, along with conference facilities and a gym.

Another The Pantry is also planned.

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Marprop has sold a Canberra office and training facility held five years.

The asset manager banked $86 million for the Australian Federal Police College, also known as Lawley House or Barton House, at 9 Brisbane Avenue, Barton.

The deal with an ACT syndicate led by Aegis Property reflects a 5.73 per cent passing yield.

Marprop paid $60.5m.

That seller, the Australian Ethical Property Trust, outlaid $30.75m in 2011.

Australian Federal Police College

On 1.47 hectares near the base of Parliament House, opposite Lake Burley Griffin, the asset contains 10,252 square metres in a brick building constructed in 1949 as public servant accommodation.

It was repurposed for the AFP in 1978, retaining some residential.

Marprop bought it with a lease expiring next year, it was speculated as a medium-term development play (continues below).

Instead it renewed the tenant, now committed until June, 2036.

Colliers’ Matthew Winter brokered the off-market sale.

The deal comes four months since 23 Furzer Street, Woden – the Sirius complex – sold to Paul Lederer’s LDR Capital.

Mirvac was that seller.

The deal was worth $305m.

Colliers was again the marketing agency.

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The Kuala Lumpur-listed publisher this week confirmed its wholly owned unit, Star Publications (Singapore) Pte Ltd, subscribed to units in TrustCapital Australian Office Fund No. 3, a private closed-end vehicle managed by TrustCapital Advisors Investment Management Pte Ltd.

The fund will focus on properties leased to corporate and government tenants.

Star Media said the investment forms part of efforts to diversify its revenue base and enhance recurring income, complementing existing placements in money market funds (continues below).

The investment will be funded through internally generated funds, the company said in a filing, adding it will establish an investment committee to oversee the exposure.

Star Media shares last traded at $0.10, valuing the company at c$74m.

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Marking its entry to the ACT, family entertainment operator Area 51 has signed a long-term lease for a large format site at Fyshwick.

The operator will occupy a 4977 square metre building, 2/16 Ipswich Street, following the 15 year commitment.

The property will form part of a 3.2 hectare estate being delivered by Bronte Group on a site acquired in 2022.

Nikias Diamond is the builder.

Area 51 also operates in New South Wales and Queensland.

Area 51 comes to Canberra

Area 51 operates indoor recreation centres offering play-based and family-oriented activities – tapping into the broader experiential leisure segment (continues below).

With the deal, the Fyshwick estate is fully leased.

Other occupiers include Coates Hire and sports operator Badminton Worx.

Bronte was represented by Ray White Commercial’s Daniel McGrath.

Fyshwick is five kilometres south east of Canberra’s CBD.

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Paul Lederer is buying a major campus style office in Canberra’s geographic centre.

The Yaradhang Building on 1.04 hectares at Phillip is speculated to be setting the billionaire back $305 million – an 8.2 per cent net passing yield.

Mirvac was the seller on behalf of the Mirvac Property Trust.

It sold against a $336m mid-year valuation which assumed a 6.75 per cent capitalisation rate and 7.36pc discount rate.

Book value was $345m when it the market late last year.

Phillip is about 10 kilometres south of Canberra’s CBD.

Yaradhang Building

Built by Mirvac in 2010 for the Department of Health which still occupies, the Yaradhang Building at 23 Furzer Street is one of six metropolitan Canberra offices with 6-star NABERS Energy and NABERS Water score.

It contains 46,617 square metres over 10 floors – supersized floorplates of 1.2 acres.

The area is rated A-grade – renovated at a cost of c$68m since 2019 including to upgrade the end of trip facilities and lifts.

There are also 374 car parks in a two level basement.

The federal government is on a lease expiring in 2035 with a five year option. It presently pays $25m annual rent. The agreement includes 3.25pc annual rent rises over the initial term.

A ground floor café tenancy is leased to Blue Fex.

The office was renamed from Sirius in 2023 following a protest from some of the c4000 public servant workers there, about a colonial connection (Sirus is the flagship from the First Fleet).

Yaradhang is the Ngunnawal term for eucalyptus.

Colliers’ Matthew Winter and James Mitchell with JLL’s Tim Mutton, Luke Billiau and Kate Low said the office exceeds the federal government’ Net Zero Government Operation Strategy.

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The Tavner family has sold 12 Doors Plus outlets with leasebacks.

The c$30 million deal comes six months since the group divested 80 per cent of Doors Plus’ operating business to Colinton Capital Partners for over $60m.

The partnership intends to open 10 outlets in the short term.

It will also refurbish many of its 22 stores.

The group also maintains five distribution centres.

The deal comes a fortnight since the owner of retailer 99 Bikes sold eight outlets with leasebacks.

In September meanwhile, Wesfarmers shed six Bunnings outlets with leasebacks.

Doors Plus portfolio

The Tavner family established Doors Plus in south west Sydney 36 years ago.

The portfolio, offered individually with three year leasebacks with a three year option, includes:

• 9-10/7 Hollylea Road, Leumeah, NSW
• 11/19 Victoria Avenue, Castle Hill, NSW
• 3A Debenham Road, Gosford West, NSW
• 3/2 Parramatta Road, Clyde, NSW
• 276-282 Ballarat Road, Footscray, Victoria
• 1/603 Whitehorse Road, Mitcham, Victoria
• 909 Princes Highway, Springvale, Victoria
• 1/1523 Sydney Road, Campbellfield, Victoria
• 1199 South Road, St Marys, South Australia
• 213-215 Main North Road, Sefton Park, South Australia
• 62-66 Brisbane Road, Labrador (Gold Coast), Queensland
• 174 Gladstone Street, Fyshwick, ACT

When listed in May, there were 13 properties, two, vacant.

The buyers are all private investors and family offices, though syndicates institutions looked in, the agents said.

A New South Wales buyer bought three – at Fyshwick, Leumeah and Springvale.

Both South Australian properties sold to locals.

A Victorian investor meanwhile acquired one of the Queensland stores.

“Despite short lead times and a complex mix of titles and lease structures, buyer engagement was overwhelming , confirming the enduring demand for well located trade retail assets,” Colliers’ James Quick, who marketed the properties with Jordan McConnell, said.

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A large format retail complex with 150 car parks, in Canberra’s south east, settled to an interstate investor this month.

The $17 million result for Iron Knob Square at 17 Iron Knob Street, Fyshwick, reflects a 5.7 per cent net passing yield based on the return when the asset was listed mid-year.

Eleven offers were received following an expressions of interest campaign, the agents said.

The deal comes five months since Gibbens sold a Newcastle LFR investment held 11 years while Melbourne’s Dimmick family shed one on the Sunshine Coast.

HMC Capital offloaded two properties of this type this year, at Ballarat, Victoria, and Brisbane’s Logan, the latter to Centuria.

Iron Knob Square

On 1.02 hectres, Iron Knob Square is fully leased with 5068 square metres in 12 tenancies.

Auto One, Chemist Warehouse and Ten Tops are the anchors.

Some of the car parks are undercover.

The holding is opposite Armada Funds’ Canberra Outlet Centre, with 120 retailers including Amart, BCF, Bing Lee, Bunnings, Domayne, Harvey Norman and Tool Kit Depot.

Burgess Rawson for CBRE’s Yosh Mendis and Geoff Sinclair with Burgess Rawson ACT’s Guy Randall were the agents.

The buyer outbid other interstate investors, according to the executives.

“The property enjoys fixed annual rent escalations between 2.5- 4pc, enhancing its long-term income profile, they added.

Fyshwick is five kilometres from the CBD.

The property is a c3.5km drive to Canberra International Airport.

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Charter Hall has announced a handful of property deals for its Social Infrastructure REIT (CQE).

In the biggest direct trade, it is paying $68.4 million for a 22.5 per cent stake in a Western Sydney University backed vertical campus, at Parramatta.

The result for the interest in the One Parramatta Square reflects a 6.2pc initial yield.

The seller is the Charter Hall Direct Office Fund.

Western Sydney University owns half the property.

In the ACT, CQE is repeating a move this month by Charter Hall’s Long Wale REIT (CLW), increasing its share of Symonston’s Geosciences headquarters (pictured, top), from 25pc to 33.3pc.

Like CLW, it is paying $28.7m on an 8.4pc initial yield.

Charter Hall paid $370m for the 1.6ha asset in 2022 – a record price for a Canberra property.

That seller, German asset manager REAL IS, coincidentally also set a price watermark when it bought it from the Motor Trades Association in 2006 for $234.1m.

“This unique social infrastructure asset is fully leased to a federal government agency and incorporates specialised laboratory facilities with a net lease structure of 6.9 years and 3pc fixed annual increases,” the manager said in a statement.

Also being reported on behalf of CQE this week is the sale of 30 early learning centres for a total $151.1m – an average yield of 4.4pc and a premium to book value of 8.3pc.

Finally – as reported February – the fund bought a healthcare investment in Perth’s Osborne Park from Australian Unity for $47m – a 6.4pc return and discount to (the $48.1m) book value).

Last week we reported Charter Hall, on behalf of CLW, traded assets including a stake in a federal government backed dog training facility on 38.5ha in Melbourne’s Bulla.

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The Suburban Land Agency has awarded Woolworths’ development arm, Fabcot, the tender to develop a mixed-use complex within the master-planned Moncrieff community, in Canberra’s north.

The Moncrieff Group Centre, as it will be known, set for a 2.47 hectare site at the corner of Horse Park and Mirrabei drives, will contain – as well as a supermarket – retail and dining – part of a complex branded Moncrieff Village (pictured, top).

It will also include up to 106 dwellings – 16 allocated for affordable housing.

Clarke Hopkins Clarke penned the project.

“This is a really exciting step forward for Moncrieff,” Suburban Land Agency chief executive officer, Adam Davey, said.

“The new group centre will be a people-focused place where the community can come together,” according to the executive.

Woolworths state manager, Property Development, NSW and ACT, Wesley Dose, added Fabcot is aiming for the development to be 7.5-star or higher NatHERS rated.

Settlement is scheduled today.

The group has form buying and developing assets.

It also regularly sells complexes once complete with part leasebacks.

Woolworths and Coles are also know to pay premiums for large sites in Melbourne’s inner-city, able to capture large and growing catchments (the latter, in 2023, buying a Balaclava site for a price reflecting a sub two per cent yield).

The Moncrieff tender comes seven weeks since we reported Fabcot was permitted to replace the ex-501 Reception site in Melbourne’s inner-west Footscray with a Woolworths-anchored mall, to be known as Barkly Village West Footscray.

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