Charter Hall, Doma trade another office
Doma and Kenyon Investments have sold a fully leased Barton office to Charter Hall on a funds through basis.
The six storey 33,000 square metre asset earmarked for a 1.156 hectare slice of 15 Sydney Avenue (pictured, top) is speculated will have a c$300 million end value.
The vendors paid the federal government $38m in 2019 for the land.
Earlier this month they pre-committed the Australian Taxation Office for an initial 15 years to the project; more than 2000 staff will be based there.
Completion is scheduled in 2025.
The acquisition comes three months since Charter Hall paid German fund manager Real IS $370m for the 1.6ha Geoscience Australia headquarters at Symonston.
Colliers’ Paul Powderly, Matthew Winter, Adam Woodward and James Mitchell with JLL’s Tim Mutton and James Barber were the agents.
Pair trade another investment
Charter Hall will hold the Sydney Ave asset in the Prime Office Fund.
The acquisition comes 13 months since the fund manager paid Doma $99m for a nearby Fyshwick investment, 18 Canberra Ave, fully committed to Services Australia, formerly known as the Department of Human Services (story continues below).
That property is now controlled in equal parts by the Charter Hall Long Wale REIT (LWF) and Direct PFA Fund.
Also mid-last year Charter Hall outlaid $306m for a Tuggeranong office again leased to Services Victoria.
That seller was South Korea’s AIP Asset Management.
The asset is now held 50:50 between LWF and the Charter Hall Direct Office Fund.
Doma delivers government backed office again
The Sydney Ave office will be the sixth Doma has delivered for the commonwealth government; other assets are occupied by the Department of Health and National Archives of Australia.
It has also developed product for the state government, including a Newcastle office recently sold to Charter Hall.
The ATO will consolidate to 15 Sydney Ave from the Canberra Centre in Bunda Street and 21 Genge St – the latter which landlord Real IS is speculated to have offloaded, again to Charter Hall.
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