111 ALINGA STREET, CANBERRA

111 ALINGA STREET, CANBERRA

DESCRIPTION

  • Six level office building completed in 1987
  • 16,328sqm of Net Lettable Area
  • Department of Infrastructure (‘DOIRDC’) occupies 100% of the office area
  • DOIRDC lease expires in 2026
  • 5.0 Star NABERS energy rating
  • Significantly refurbished in 2009

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

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

RESULTS

  • Initial capital expenditure program completed on time and under budget
  • Current equity IRR >15%