Deep value, countercyclical Canberra office asset with Net Zero Energy strategy
9.0 %
15-16 %
1.85 times
$ 100 k
Opportunity to invest alongside Growthpoint in the Canberra Office Trust (the Fund) for the acquisition of 2 Constitution Avenue, Canberra, ACT.
Investment highlights:
- Deep value buying, purchasing at $4,626 / sqm, with replacement cost (incl. land value) c.80% higher and peak asset valuation c.44% higher than the purchase price
- 88% of the passing income secured by Commonwealth and ACT Government tenants with staggered lease expiries2
Proven ability to attract government and corporate tenants with 8,379 sqm of leases executed since May 2023 (c.43% of building) - New build economic rents 64% higher than 2 Constitution Avenue passing rents, supporting tenant retention and future rental growth
- Brown to Green Energy strategy to achieve Net Zero and 5.5-star NABERS Energy rating by 2029, improving ability to attract additional Government and corporate tenants
- Value upside through leasing the vacancy (4.4%), upgrading foyer / streetscape / EOT, major tenant lease re-signs / extensions and substantial energy upgrades
- Strong market fundamentals with Canberra CBD vacancy rate equal lowest amongst major capital city markets (9.5% vacancy)3
The Growthpoint Canberra Office Trust is open to wholesale investors only.
Core property rates the Fund as Recommended4
Sam Sproats
Executive Director, Funds Management
0411 249 990
Tim Pearson
National Capital Transactions Manager
0403 526 036
Catherine Farrell
Investor Relations Manager
0425 259 815