The three-level Manuka Court contains some of Canberra’s most prestigious stores. Photo: Knight Frank.
Two key components of the prestigious Manuka shopping precinct are for sale and are expected to bring a combined price of more than $20 million.
Manuka Court on Bougainville Street and the M Centre on Flinders Way, separated by Palmerston Lane, can be bought separately or as a package.
Three-level Manuka Court contains a mix of retail and office tenants, occupies a 1051 square metre site and offers 1378 square metres of net lettable area.
There are 16 retail and office tenancies, as well as 20 separate storage tenancies in the basement level, with a combined area of around 650 square metres.
Fully let, its prominent retailers include Sheridan, Carla Zampatti, Bijoux, Momento Designs, LÓrange Patisserie, Esteem Cosmetic Surgery, Embassy of Spain and Happy Fit Footwear.
It has a net passing income of about $565,000 a year.
The M Centre is almost as new after upgrades in recent years.
The two-level M Centre occupies a high-profile corner site with a combined area of about 1700 square metres, the second largest single site holding in the Manuka Court Shopping Precinct.
It has a net lettable area of 1614 square metres, is 95 per cent occupied with 16 tenancies and attracts a net passing income of just over $1 million a year when fully let.
Prominent retailers include Eyecentric, Gelatissimo, Anthony Squires, Symons Phillips Lawyers, Ricetta, French Flair, Baan Latsamy and Blue Illusion.
Knight Frank’s Nathan Dunn and MMJ Canberra’s Nick George are marketing the properties for Melbourne-based investor Kador Group Holdings.
A bird’s-eye view of the two buildings, separated by Palmerston Lane.
Mr Dunn said strong investor demand was expected for properties in such a premium catchment area.
“This is Canberra’s ‘Toorak’ or ‘Double Bay’ and frequently the preferred retail precinct of visiting politicians,” he said.
“This is an extremely rare retail opportunity – with only a handful of other multi-tenanted retail assets above $10 million transacting in the ACT since 2013.
“No other significant Manuka retail asset has been sold via a public process in the past decade.”
Mr Dunn said the properties required little capital investment, with the M Centre in particular almost as new after recent upgrades.
He said they were a low-risk investment with opportunities to add value.
The expressions of interest campaign for the property will close at 4 pm on 28 November.
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