14 October 2022

Boutique Bruce offices in high growth area hit market

| Ian Bushnell
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Aerial 26 Thynne Street Bruce

26 Thynne Street, Bruce has a bush setting, 3436 square metres of net lettable area and plenty of parking. Photos: JLL.

A boutique office complex in Bruce that has been home to the Australian Institute of Health and Welfare (AIHW) for more than 25 years is on the market.

JLL has listed for sale 26 Thynne Street, which is fully leased to a mix of Australian Government, not-for-profit and private tenants and is positioned on a significant landholding of 9,074 square metres.

It says the three-storey property is 78 per cent leased to blue chip or Commonwealth and generates a net income of about $1,019,951 a year with 3.13-year weighted average lease expiry (WALE) by income.

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Built in 1990, the building boasts 3436 square metres of net lettable area and a 4.5-star NABERS Energy rating as well as a 5-star water rating.

Office vacancy in Bruce sits at just 0.76 per cent, compared to the broader Canberra market, which is still extremely tight at just 5.1 per cent.

The property also has 33 secure undercroft parking spaces and a further 81 on-grade spaces available for tenants.

JLL’s Mitch Frail and Tim Mutton are handling the sale through an expressions of interest campaign.

26 Thynne Street Bruce

26 Thynne Street, Bruce is a rare office offering in an area with an extremely low vacancy rate. Photo: JLL.

Mr Frail said 26 Thynne Street offered an exceptional investment proposition in a market starved of quality passive investments.

“This is an exciting opportunity to secure a well-positioned near-city asset, securely leased to a diverse mix of tenants,” he said.

“The property is underpinned by strong investment fundamentals, and a low-risk profile … plus, a staggered leasing profile provides investors with diversified income reducing significant vacancy risk.”

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Mr Mutton said the land component benefited from its flexible CZ5 Mixed Use Zoning close to the Belconnen Town Centre, allowing for a number of uses under the ACT Territory Plan.

“Belconnen is one of the most well regarded precincts in Canberra and is a highly desirable location for both residential and commercial occupants alike,” he said.

“Ongoing investment from developers in the Belconnen area has seen a number of residential, hotel, retail and leisure developments contribute to the growing population of the town centre.”

They said the precinct offered ease of access to the CBD and provided immense long-term opportunity to capitalise on its proximity to the University of Canberra, Radford College, Calvary Hospital, the ACT Government’s $14 billion infrastructure program, and future redevelopment of the Australian Institute of Sport precinct.

Expressions of interest close on 3 November.

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