News & Research

Commercial Market Update - Canberra Cityscope June 2021

The latest research from Canberra Cityscope shows both property sales volume and value have increased in the past three months.

Sales recorded in the quarter to June 2021 totalled $347.9 million from 40 sales, an increase compared to the $12 million from 16 sales recorded in the quarter to March 2021, and an increase from the $28.3 million of 25 sales recorded in the three months to December 2020.

The total sale for June 2021 was largely contributed from the sale of a commercial office building in Tuggeranong which sold for $306 million.

The data brings the 12-month total to $528.3 million, a decrease from the $854.2 million recorded the same time last year.

The table below shows sales recorded for the past eight updates of Canberra Cityscope.

Notable sales in the June 2021 update of Canberra Cityscope include:

  • Louisa Lawson Building at 25 Cowlishaw Street, Tuggeranong, a campus-style A-Grade office building of 26,000 sqm over four levels of commercial space, with onsite car parking for over 500 vehicles on a 21,426 sqm block, which was bought for $306 million and
  • Capital Centre at 2-6 Shea Street, Woden, a two-storey commercial building comprising 4,500 sqm office and retail spaces completed in 2010 with onsite car parking for 100 cars. The building was designed to achieve a 5-star Green Star rating and a 4.5 star NABERS Energy rating built on a 4,487 sqm block, which was bought for above $18.75 million.

Properties listed as for sale in the June 2021 update of Canberra Cityscope include:

  • Alan Woods Building at 25 Constitution Avenue, Canberra City, a seven-storey office building with basement parking for 178 cars, built in 1988. The property with a net lettable office area of 16,927 sqm, is for sale through CBRE and JLL;
  • Scarborough House at 8 Atlantic Street, Woden, a 14-storey office building constructed 1972 and redevelopment was carried out in 2005 which include the extension of the existing basement, a new facade and construction of a new podium. The property with a net lettable area 16,782 sqm has 47 car parking spaces in the basement and is for sale through JLL and Colliers International;
  • Unit 55 at The Gallery, 40 Mort Street, Braddon, a 269 sqm retail/commercial suite on the ground level plus two parking areas of 14 sqm and 61 sqm on level one, which is for sale through Burgess Rawson.

Leasing opportunities in the June 2021 update of Canberra Cityscope include:

  • 12 Moore Street, City, a 14-storey building with two levels of basement parking; built in 1987 and refurbished in 2002, 2004 and 2008. The building with a net lettable area 11,970 sqm, has office space ranging from 75 to 8,625 sqm for lease through Colliers International;
  • 4 Mort Street, City, a six-storey office building with undercover parking for 16 cars; built in 1985. The building with a net lettable office area of 5,482 sqm was extensively refurbished in 1997 and in late 2017, which has office space of 700 sqm on level 1, 1,008 sqm each on levels 2, 3 and 4 for lease through Raine & Horne Commercial - Canberra and
  • 33 On Allara Street, City, an eight-storey commercial building comprising ground level retail space, seven levels of office space and two levels of basement parking for 131 cars. Officially opened in 1973, the property has a net lettable area 9,888 sqm, which has office space of 1,310 sqm on level 1, 202 to 518 sqm on level 2, 206 sqm on level 4, 530 sqm on level 3 for lease through JLL.


CoreLogic Australia

CoreLogic Australia

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