Superbly located on the corner of Canberra Avenue and Captain Cook Crescent in the inner southern suburb of Griffith (Manuka), Endeavour House enjoys a location unlikely to be repeated. As part of the blue chip Manuka Shopping precinct, Endeavour House is located across the road from Manuka Plaza and Manuka Oval, is within walking distance to the Parliamentary Precinct and is within five minutes drive to the CBD and airport. Its prominent corner location with a north easterly aspect provides a superb outlook and natural light, whilst also offering fantastic exposure to one of Canberra's major arterial roads.
Endeavour House is a four level investment property which currently houses eight ground floor retail tenancies, eleven office tenancies and two rooftop communication tenants. The ground and first floors were constructed in the late 1950's with the second and third floors added in the mid 1960's. The building has been well maintained including the refurbishment of the top two floors, refurbishment of the foyer, modern lift and new air-conditioning for the top floor. The property features a central air conditioning system, amenities on each floor, excellent natural light and an excellent occupancy history, making it ideal for the risk averse investor looking to obtain a healthy yield .
There are several longer term exit strategies for the building including redevelopment, hold and continue refurbishing and take advantage of future upward price movement, or strata title and sell into the tightly held inner south commercial market. Our client has commenced a draft DCP to be lodged with the national Capital Authority that should allow the site to be developed to RL 591, potentially providing the opportunity to allow 6-storey development.
Major tenants in the building include Norman Disney Young, Exact Projects, ACTTAB, Symons Phillips and Aussie Hone Loans.
