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News release


The Finlay Crisp Centre in Canberra CBD comes to market

Landmark three-building government office complex in the heart of Canberra’s commercial Civic precinct that is 100% leased to ‘AAA’ rated tenants

​​The Finlay Crisp Centre, a three-building campus style office complex in Canberra CBD, is being offered for sale exclusively by JLL, on behalf of DEXUS Property Group (DXS).

JLL’s Head of Sales and Investments – ACT​, Michael Heather and Head of Office Investments – Australia, Rob Sewell, are marketing the asset which is expected to achieve a price in excess of $85 million.

The Finlay Crisp Centre comprises three adjacent office buildings; Customs House, Allara House and Nara Centre with a total combined NLA of 29,982 sqm. It has three street frontages to Constitution Avenue, Allara Street and London Circuit, three of Canberra’s most highly sought after addresses. The complex occupies an entire city block of 8,844 sqm and is fully occupied and leased to tenants represented by the Commonwealth of Australia and ACT Government until 2019 and 2020 respectively.

Mr Heather said, “Canberra is currently being assessed as a desirable investment destination by both national and international investors, and there are a number of very active buyers currently seeking core-plus office opportunities. The weighted average lease expiry of just over three years provides an immediate secure income stream to ‘AAA’ rated tenants while allowing flexibility to reposition the asset and to improve the income and tenancy profile.”
“The Finlay Crisp Centre was designed as a campus style development that offers tenants outstanding surrounding amenity in the heart of the City, large efficient floor plates, generous car parking ratio and some brilliant views from the upper levels overlooking some of Canberra’s most notable attractions” Mr Heather said.

Mr Sewell said, “There are a number of factors present in Canberra’s office market that will contribute to the attraction of this offering, including stock withdrawals up to 2018 and a limited supply outlook for the CBD, with the only major office project under construction in Canberra being at Tuggeranong. The attractive yield spreads between Canberra and Sydney and the asset’s location in the Civic precinct, which has the tightest prime grade vacancy rate of all monitored CBD office markets in Australia of 4.8% as of 2Q16, also strengthen its value proposition.”  

According to JLL Research, prime gross effective rents are growing in Canberra with year on year growth of 2.5% as at 2Q16. JLL Research believes there is further upside in prime gross effective rents in Canberra as vacancy tracks downwards, making it an attractive destination for investment. 

The Finlay Crisp Centre will be offered to market via an Expressions of Interest campaign, closing 4:00pm AEST on Thursday, 8th September 2016.