EG sheds National Archives Office after green refurbishment
EG Funds has sold the Crown leasehold interest of the National Archives Office, developed in 1926 as the Secretariat Building No 1, a year ahead of Canberra becoming the national capital.
The fund manager is banking $23.5 million for the East Block at 1 Queen Victoria Terrace, Parkes.
It paid $15.47m in 2018 using a Clean Energy Bank Loan – then renovated.
With 4958 square metres over four floors, and 30 car parks, the NABERS rating is 4.5-star, up from one.
The deal comes six months since Charter Hall sold Sentinel Property Group the federal government backed Doris Blackburn Building at Forrest for $72m.
Mid-last year meanwhile, Canberra’s Suburban Land Agency divested two Turner blocks for nearly c$50m – one to Cedar Pacific, the other, to the Hellenic Club of Canberra for an apartment-based mixed use complex.
National Archives Office sells again
On 1.57 hectares – one of the first three buildings erected in what is now known as the Parliamentary Triangle – the East Block, 1 Queen Victoria Tce, has been home to the National Archives Office since 1988. The weighed average lease expiry when it was listed in October, was 5.9 years.
EG held the property in the Delta ESG Property Fund.
JLL’s Tim Mutton brokered the sale to a Melbourne private investor. It is the buyer’s maiden ACT asset.
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