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News release


Canberra’s Abode Hotel sells for AUD 28.8 million

Off-market deal attracted strong interest from range of investors

​​​​CANBERRA, 3 DECEMBER 2014 – Canberra’s Abode Hotel in Woden has sold for $28.8 million in a deal negotiated through JLL’s Mark Durran, Managing Director of Investment Sales for JLL’s Hotels & Hospitality Group, and JLL’s Greg Lyons, Head of Sales and Investments for ACT.

Canberra property developer, GEOCON, is the owner and operator of Abode Apartment Hotels in Canberra and will continue to manage the Woden hotel under the Abode brand, which has become synonymous with apartment-style accommodation in the capital.

Located at 10 Bowes Street in Woden, the geographical centre of Canberra, the 4.5-star apartment hotel opened in August 2013. Well known as Juliana House, GEOCON purchased the building via Greg Lyons at JLL in 2012 and completed a seven-month refurbishment, transforming the unused space into its third hotel in Canberra. GEOCON engaged with the Green Building Council of Australia on the project to receive the title of Australia’s first registered Green Star and NABERS-rated hotel.

According to Mr Durran, “Opportunities such as this to secure such a centrally located long-term, leased asset with outstanding green credentials and guaranteed to provide net rental growth, are very rare in today’s market.

“The off-market offering attracted strong interest from a range of hotel owners, private investors and syndicators from around Australia and from throughout Asia,” said Mr Durran.

According to Mr Lyons, “The fundamentals of the Canberra property market remain strong, with the best-educated workforce in Australia, a strong and stable economy and low rates of unemployment. Combined with historically low interest rates and a softening Australian currency, it is an outstanding timing opportunity in Australia for foreign investment.

“Canberra is also well-located between Sydney and Melbourne and with the expansion of Canberra International Airport complete, is convenient for overseas travel,” said Mr Lyons. 

Mr Lyons concluded, “The Abode Hotel in Woden is a market-leading example of the successful adaptive re-use of an office building into a quality apartment hotel.”

The hotel features 151 apartment-style rooms plus a two-bedroom manager’s apartment, conference facilities and a restaurant. It is located close to key leisure and education facilities, in addition to Parliament House, the National Gallery, the National Convention Centre and various government departments. 

The hotel was jointly marketed by JLL and CBRE.