Commercial building comes to market situated in the retail, government and business hub of Canberra’s burgeoning south
JLL appointed to sell Flax House- a prominent building in the heart of the growing Tuggeranong Town Centre, ACT
CANBERRA, October 01 2020 – Flax House, a free-standing multi-tenanted investment underpinned by childcare, medical, office and retail tenants has come to market in the growing town of Tuggeranong.
Tuggeranong is one of Canberra’s main established town centres providing 148,979sqm of office space with 6.1 percent vacancy and is home to Services Australia, one of the largest Commonwealth Government’s departments in addition to retail and leisure amenity of more than 85,154 residents in Tuggeranong Valley.
Mr Mutton said, “The property is presented with a WALE of 10.02 years by income and the recent capital expenditure creates an attractive investment proposition for investors seeking diversification.”
Mr Frail said, “Tuggeranong is undergoing generational transformation, with significant construction activity in the central precinct coupled with renewed investment by surrounding asset owners to improve public amenity. A rejuvenated Tuggeranong offers residents and tenants a high level of convenience, increased connectivity and a more cosmopolitan lifestyle.”
Fully refurbished in 2018, with more than $3 million spent on upgrades, Flax House provides 1,987 sqm of NLA across two levels. Most of the building is occupied by Cubs Corner childcare centre.
Cubs Corner holds a 15-year lease and are an established childcare operator who currently run four centres across Canberra. The remaining three tenants include Lakeview Medical Practice and Respiratory Clinic, occupying space since 2019 and OCTEC Employment Services , an employment service operating across large parts of New South Wales, Australian Capital Territory and Victoria, occupying space for more than five-years and Jindebah Café who are a local café operator and coffee roaster specialising in Australia Arabica Coffee.
Flax House at 216-228 Cowlishaw Street generates a net income of $694,805 per annum.
The property is situated on Cowlishaw Street, within the Tuggeranong Town Square in walking distance to the Southpoint Shopping Centre, Anketell Street, public transport and the Lake Tuggeranong Foreshore.
“The importance of the location is evident in the ACT Government’s recent investment of $7 million to upgrade the landscaping and streetscape on Flax House’s doorstep,” Mr Mutton concluded.
Expressions-of-Interest for Flax House at 216-228 Cowlishaw Street, Tuggeranong close on Thursday 29 October 2020 at 4pm.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.