Marprop divests AFP office, training facility
Marprop has sold a Canberra office and training facility held five years.
The asset manager banked $86 million for the Australian Federal Police College, also known as Lawley House or Barton House, at 9 Brisbane Avenue, Barton.
The deal with an ACT syndicate led by Aegis Property reflects a 5.73 per cent passing yield.
Marprop paid $60.5m.
That seller, the Australian Ethical Property Trust, outlaid $30.75m in 2011.
Australian Federal Police College
On 1.47 hectares near the base of Parliament House, opposite Lake Burley Griffin, the asset contains 10,252 square metres in a brick building constructed in 1949 as public servant accommodation.
It was repurposed for the AFP in 1978, retaining some residential.
Marprop bought it with a lease expiring next year, it was speculated as a medium-term development play (continues below).
Instead it renewed the tenant, now committed until June, 2036.
Colliers’ Matthew Winter brokered the off-market sale.
The deal comes four months since 23 Furzer Street, Woden – the Sirius complex – sold to Paul Lederer’s LDR Capital.
Mirvac was that seller.
The deal was worth $305m.
Colliers was again the marketing agency.
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