The Uniting Church of Australia has paid $8.155 million for The Woden Centre in Canberra.
The four-level complex, once known as the Churches Centre, includes 1947 square metres of area which is fully let.
Aussie Home Loans, Red Cross, IMB and Workways are amongst the occupants of the recently refurbished building which abuts Westfield Woden. The Woden Bus Exchange and Woden Plaza are also in the immediate area.
“During 2018, Canberra has had limited on-market opportunities, yet it is a market in demand,” Colliers international associate director city and metro sales, Matthew Winter, said. “Woden is particularly popular as it is undergoing gentrification and there are significant residential developments coming online which will bring increased activity to the area”.
Mr Winter said his campaign for 20 Bradley Street, Phillip, generated enquiry from prospective buyers – investors and developers – across Australia.
“The Woden Centre offers its new owners an initial yield of 7.62 per cent but it presents further opportunities for the new owner to add value.
“There may also be long-term redevelopment prospects given the building’s triple frontage, CZ1 zoning and rectangular shaped 732 sqm site”.
The Woden Centre was listed in August by a company associated with the Cataldo Group which acquired it in 2011.
Colliers International closed an expressions of interest campaign for the asset, in the city’s inner south-west, on September 6.
The deal comes a year after a standalone and high-profile retail asset at nearby 70 Bunda Street sold for $13.35 million.