Award-winning strata office listed for sale in Canberra

CANBERRA, 5 July 2022 – A premium strata office asset in the highly sought-after suburb of Kingston has come to market as investor appetite for high-quality office assets remains strong.

JLL’s Mitch Frail and Willem Watson have been exclusively appointed to sell Level 2, Unit 8, 59 Wentworth Avenue, Kingston via an Expressions-of-Interest campaign.

59 Wentworth Avenue is an A-Grade strata office building located in Canberra's highly sought-after Inner South, just minutes to Parliament House and a short walk to Canberra's premier waterfront, lifestyle precinct, The Kingston Foreshore.

Level 2, 59 Wentworth Avenue is 100% leased by Maxim Chartered Accountants, a highly respected accounting firm who have been in the unit for over 10 years. The floor holds an impressive 940 sqm state of the art award winning office fit-out with floor to glass ceiling on three sides.

Mr Frail said, “Securely leased income producing properties continue to command significant interest from investors and this is a fantastic investment opportunity to own a quality leased asset in the premium location of Kingston, providing a net income of approximately $443,450 per annum with 3% rent reviews indexed annually for future income growth.

Canberra’s headline vacancy rate fell to 5.5% in 1Q22 which is the lowest level since 2008, according to JLL Research.

Mr Frail said, “Canberra’s office market remains the tightest in the country with headline vacancy rate anticipated to remain in the single-digit territory over the next three years. There is a high level of demand for quality investment assets in Canberra from interstate investors who see assets in the territory as safe and secure while yielding higher returns than other major cities.”

Mr Watson said, “Secure, passive investments in Canberra’s tightly held Inner-South rarely come to market. Quality strata space with good natural light and strong tenant reputation in inner-city locations are coveted by investors and owner occupiers alike, and this property ticks all those boxes.”

59 Wentworth Avenue offers a generous 24 car spaces allocated at a ratio of 1 per 40 sqm of office space and is located within walking distance to the renowned foreshore and waterfront dining precinct, Canberra's Heritage Glass Works and Parliament House.