Marprop has picked up another Canberra asset – this time Barton’s Australian Federal Police College.
The deal for the 1.5 hectare property, 9 Brisbane Avenue, is worth $60.5 million.
The vendor, Australian Ethical Property Trust, paid $31.75m a decade ago.
Built in 1949 to house public servants, the brick building was refurbished for its current occupier in 1978.
The federal government’s lease expires in 2027, after which time the parcel, overlooking Lake Burley Griffin, could be replaced.
Settlement is scheduled this month.
Elsewhere in Canberra, Marprop holds two Moore St assets (story continues below).
The Brisbane Ave acquisition comes months since Marprop paid Brookfield $140.1m for a 50.1 per cent stake of a Sydney CBD office, 60 Carrington Street.
Last year the manager spent $35.3m on neighbouring Newcastle commercial investments – one, a courthouse, which is also rented to the federal government.
The group’s portfolio also includes investments in Perth, at Burswood, and in Melbourne’s St Kilda Road.
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