South Africa’s Growthpoint Pays GPT $50 Million For Canberra Office

SOUTH African backed Growthpoint Properties Australia has paid $50 million for a Canberra office complex fully leased by the federal government.

The 10-12 Mort Street complex (pictured, right), offloaded by the GPT Group, includes two adjoining six-level towers with a total of 15,400 square metres of A-grade space. The AFR, which reported the sale, did not disclose the rent paid by the government or the yield the property sold for.

Over the past three years the trust has acquired $835 million in real estate. It bought four office assets last December for $294 million, and also , three office assets in Brisbane, an office development in Sydney’s Gore Hill Technology Park.

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Emboss Capital Pays $55 Million For Civic Office, Canberra

EMBOSS Capital has paid $55 million for a Canberra office building – its second major transaction on Australia’s east coast recently.

The A-grade, six-level, 9000 square metre office, in the suburb of Civic, was sold with a long lease to the federal government.

According to the selling agencies, Colliers International and Jones Lang LaSalle, the building sold on a yield of 7.4 per cent.

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Westpac Makes Loss From Sale of Canberra Office Building

THE Westpac Office Trust has made a huge loss on a Canberra office building it bought in late 2006.

The 221 – 227 Anzac Parade office in Kensington sold for $35.5 million reflecting a yield of 7.6 per cent based on the building’s annual income.

Westpac paid $41 million for the building on a 6 per cent yield a little under three years ago.

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