Canberra Office Sold for $59M

Sydney-based Marprop has acquired an office block at 14 Moore Street in Canberra from Quintessential Equity for $59 million.

Marprop, assumed to be acting for the JV partner GLL Real Estate Partners, are extending their ties with the German-based funds manager following a purchase on St Kilda Road for close to $65m and a North Sydney building for $78m.

The 11,070sqm, 13 level building in Canberra was fully occupied and the sale to Marprop showed a 7.08% initial yield and a WALE of 4.33 years.

Quintessential previously acquired the in June 2014 for just $23m following the relocation of two government tenants which left the building 80% vacant. Quintessential negotiated a six-month settlement and re-invigorated a leasing campaign, to attract tenants to the building on competitive terms, managing to secure tenants for 30% of the space prior to settlement.

The sale was brokered by Colliers International and CBRE.

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