Canberra business owners and property investors the Cataldo family has paid $7.71 million for an office in the city’s parliamentary precinct.
The National Farmers Federation headquarters at 14-16 Brisbane Avenue, Barton, was offloaded by NFF House Trust, made up of 14 agricultural organisations.
Less than a kilometre east of Civic Circuit and with Blackhall St frontage, the site spreads 2986 square metres and contains 42 at-grade car parks.
With 1826 sqm of area over four floors, the office is fully occupied to eight groups including the Australian Prudential Regulation Authority, Cattle Council and National Farmers Federation.
The Weighted Average Lease Expiry by income is about 1.5 years.
Based on the net passing rent ($490,625), it is trading on a 6.4 per cent yield.
Nineteen offers received: agent
Colliers International director – Capital Markets and Investment Services – Matthew Winter, marketed the Barton offering as a value-add or redevelopment play (story continues below).
NFF House Trust would also have considered selling a part-stake – be it for the existing office or a replacement.
Nineteen formal offers came in for an outright purchase following an expressions of interest campaign which closed last August.
The Cataldo family is securing it under a company, Brisbane Avenue Holdings.
“With 100pc occupancy, a recently completed refurbishment program and its prime location in the in-demand suburb of Barton, we expected interest in NFF House to be strong, but the response was like nothing I have experienced,” Mr Winter said.
“In the first 24 hours after we went to market, we had nearly 50 inquiries and our campaign achieved a record participation rate,” the agent added.
“The on-market sale of NFF House bucked the growing trend toward off-market transactions,” according to the executive.
“Interest in this property came from investors of all sizes and types from across Australia and internationally”.