The proposed sale of 30 Mort Street provides investors with the chance to secure a high-profile retail property leased to Officeworks, with the potential for multiple value-add strategies.
Designed and constructed to suit large format retail tenants, the building incorporates high-clearance showroom space, mezzanine office area currently used for staff amenity and roller door access to a loading dock with elevator access to basement levels. Added convenience of 65 basement car spaces further enhances the appeal of 30 Mort Street.
Officeworks has been in occupation for 11 years and has a current lease option for a further 5 years.
Braddon has undergone an evolution and is now the prime example for urban renewal in Canberra that all other areas are following. A number of premium residential developments have been completed recently, with many more to be added to the Braddon skyline over the next 2 years. The retail catchment for 30 Mort Street incorporates the Canberra CBD and most of the Inner-North, including an estimated workforce of 38,500 people and 736,521sqm of commercial office space.
The property offers multiple strategies to increase value through exercise of the current option, re-lease campaign to a wide market or redevelopment of the site. The CZ3 zoning provides the ideal overlay to encourage flexible and diverse redevelopment options, including office and residential (subject to planning).
Opportunities to acquire the right combination of land and quality buildings in Braddon are extremely rare and demonstrate the tightly-held nature of this precinct.
