KM Property Funds has paid $9.75 million for an essential services backed investment in Canberra’s south west Greenway.
The price for Flax House at 216-228 Cowlishaw Street reflects a 7.1 per cent passing yield.
A childcare centre and medical tenancy contribute to the bulk of the income.
The recently renovated double storey, 1897 square metre building also contains offices and a café.
It spreads over a 1717 sqm site (story continues below).
JLL’s Mitchell Frail and Tim Mutton said the property supports a catchment of about 88,000.
The Weighted Average Lease Expiry is 10.2 years.
KM is Melbourne based.