Canberra

Investors eye up former Canberra laboratory at heated auction sale

A former laboratory in South Canberra, purpose-built by the Federal Government in the 1970s, has sold under the hammer for $3.81 million.

07 May 2018

A former laboratory in South Canberra, purpose-built by the Federal Government in the 1970s, has sold under the hammer for $3.81 million.

Located at 150 Narrabundah Lane, in the semi-rural suburb of Symonston, the property accommodated the original Therapeutic Goods Administration, before being refurbished for its most recent use as an IT data facility. 

The 1,271sqm building, which was purchased by a local catholic church group, is positioned on a substantial 30,990sqm broadacre landholding. 

CBRE’s Adrian Woolgar and Michael Heather managed the four-week public sale campaign, which generated more than 30 enquiries from a broad range of prospective buyers. 

“We received strong interest from private investors, builders and developers, as well as IT/data service providers, religious groups and haulage businesses,” Mr Woolgar said. 

“The physical size of the land was the biggest drawcard, given the rarity of acquiring such a large parcel of mostly undeveloped land in such a central location.

“On auction day, with seven registered bidders, the opening bid of $2.5 million quickly advanced to $3.3 million, before two groups closed in and the hammer fell at $3.81 million.” 

Symonston is located 10 kilometres from the Canberra CBD and within three kilometres of Fyshwick, the city’s major industrial and bulky goods suburb. It is also in close proximity to the affluent inner south Canberra suburbs of Red Hill, Griffith and Narrabundah.

Mr Heather added: “This auction result confirms that the overall Canberra commercial property market is in good shape and with the low cost of capital right now, the amount of qualified and capable investors and owner-occupiers participating in sales campaigns is noticeably high.” 
 
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.