The innovative Geoscience Australia complex in Symonston is on the market and agents are tipping that it could bring more than $360 million.
German pension funds manager Real I.S. has appointed Colliers and JLL to handle the sale of the Geoscience Australia headquarters next month.
In a joint statement, Colliers and JLL said they would launch an International Expressions of Interest campaign for the sale of 101 Jerrabomberra Avenue.
They expect the 31,053 sqm property, where Geoscience Australia is the sole tenant, to attract significant national and international interest.
The Canberra office market is running hot, with especially strong demand for A-grade office space with long-term government leases and the Geoscience Australia complex could test market milestones.
Geoscience Australia is Australia’s pre-eminent public sector geoscience organisation and is the Australian Government’s trusted advisor on the geology and geography of Australia.
The 24-year-old, two-building complex, which sits on 16 ha site, features a main building with offices, laboratories, public areas and a library, and a support building with special storage, laboratories and workshops.
A $15 million refurbishment of the complex including the fit-out of four levels and updating Greenstar and Nabers requirements, was completed in 2019.
The complex, which houses 1500 staff, is strategically located near Parliament and for collaboration with Australia’s top Earth sciences program at the Australian National University.
The site will be highly attractive for its long and secure lease, which runs until 2032.
Real I.S. bought the building from the Motor Trades Association of Australia Superannuation Fund in 2007 for $234 million.
The Commonwealth-funded building project was completed in December 1997, with Geoscience Australia occupying the site in January 1998.
Architects Eggleston Macdonald (now DesignInc) designed a building which showcases a significant number of energy efficient sustainability features that generate considerable cost savings, including air conditioning incorporating a geothermal heat pump system.
Colliers agents Paul Powderly, Matthew Winter, Adam Woodward and James Mitchell and JLL agents Tim Mutton, James Barber and Luke Billiau have been appointed to handle the process.