A landmark Manuka building on one of the best-known corners in Canberra is on the market.
Endeavour House at 1 Franklin Street, Griffith, is expected to attract strong interest as one of Canberra’s most prominent inner south landholdings.
Colliers is marketing the property on behalf of Ethical Property Australia, which bought it in 2016 for $8 million.
The refurbished building commands the corner of Canberra Avenue and Captain Cook Crescent and offers 2772 square metres of lettable area across four levels of office and storage space.
The site itself takes up 1011 sqm with street fronts on three sides.
The stand-out location is next to the Manuka Village shopping centre, opposite Manuka Oval and near the Parliamentary precinct, the ACT’s tightest leasing market.
It is fully occupied by various government-funded and national anchor tenants with an average lease of two-plus years.
Developed in the 1960s, the building has undergone substantial design and environmental upgrades to all floors.
The prime site would also have huge potential as a development opportunity, particularly with the new hotel building on another landmark corner nearby.
Director of capital markets at Colliers, Matthew Winter, said there had been unparalleled demand for assets such as 1 Franklin Street.
“While we have always known how strong and resilient the ACT market is, the recognition of these attributes by buyers has reached new levels,” he said.
“Endeavour House has multiple street frontages, including an outlook over Canberra Avenue, and is situated in the inner south shopping and hospitality hub of Manuka.
“This is a highly desirable sub-market of Canberra and the city’s most tightly held and affluent area.
“What we think will particularly draw buyers is the fact that Endeavour House provides further strategic value-enhancement opportunities, whilst substantially refurbished and refreshed. Similar opportunities in the nation’s capital are limited.”
Ethical Property Australia managing director Adam Trevaskus said Endeavour would be a strong investment for any purchaser.
“Endeavour House had a great track record through COVID (with increased and diversified occupancy) and offers significant investment potential given its strong identity, high-quality refurbishment and work-life balance location next to a blue-ribbon village centre,” he said.
A mural installed last year to promote climate change action also elevated the building to landmark status with both residents and tenants.
Featuring the endangered yellow-tailed black cockatoo beside the words “Have Hope”, the mural graces a high part of the wall of Endeavour House.
The design was selected as part of Ethical Property’s competition to support local artists and inspire them to create art representing social issues.
The sale is by expressions of interest, which close on 7 November.