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111 Alinga Street, Canberra

A six-level office building that was completed in 1987 but had a significant refurbishment in 2009. It has 16,328 sqm of Net Lettable Area and is occupied 100% by the Department of Infrastructure (‘DOIRDC’), with the lease expiring in 2026. The building currently holds an equity of IRR >15%.

Attraction
  • Core asset in Canberra CBD.
  • 7% cap rate.
  • Leased to the Australian Government.
  • 3.00% annual reviews.
  • Initial capital expenditure requirement.
  • Alternative use potential.
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Strategy
  • Undertake initial capital expenditure program – Entrance foyer, End of Trip facilities, LED lighting, ceiling upgrade and air conditioning.
  • Hold for strong income return.
  • Seek to extend lease prior to sale.
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Results
  • Initial capital expenditure program completed on time and under budget.
  • Current equity IRR >15%.
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