Skip Ribbon Commands
Skip to main content

News release


A 100% leased office asset in Canberra sells for $68.1 Million

Mirvac have sold Aviation House in Woden ACT to a QLD based private investor.

​An office asset located in the heart of the Woden Town Centre in Canberra has been sold by Mirvac to a QLD based private investor for $68.1 million. The deal was negotiated jointly by JLL and Colliers International. The agents were Michael Heather and Simon Storry of JLL and Tim Mutton and Paul Powderly of Colliers International.

Aviation House Woden is a striking A-grade asset comprising 14,812sqm of high quality office accommodation leased to the Civil Aviation Authority, Australian Public Service Commission and Department of Social Services and boasts a WALE of approximately 5 years and a 4.5-Star NABERS Energy Rating.

JLL Head of Sales and Investments, ACT – Michael Heather, said "Aviation House offered investors a modern asset with the latest in sustainability credentials and low-ongoing capital expenditure requirements lowering the idiosyncratic risk factors of this investment given the age of the asset is less than 10 years old." 

"The liquidity of office assets available in the Canberra office market is an attractive characteristic and this sale further demonstrates that Canberra offers an office market with scale and depth which is currently being widely assessed by a large number of private, institutional and offshore investors." 

JLL Head of International Investments - Australia, Simon Storry said, "Canberra presents investors with a cyclical opportunity to increase exposure to the market. Canberra is less advanced in the yield compression cycle compared to Sydney and Melbourne, which highlighted the attractiveness of the asset to buyers."

Mr Heather added, "Australia is one of only 13 countries in the world that still retains an 'AAA' credit rating by Standard & Poor's highlighting the quality of income provided by Aviation House via the three Commonwealth of Australia tenants."

"Canberra actually ranks as the third largest prime grade office market in Australia with the Federal and ACT Governments as major occupiers of stock in Canberra along with many major national and global firms that provide diversity to the tenant base which supports a strong outlook for the Canberra investment market," Mr Heather said.