EG settles on $15.6 million Canberra property
EG, the real estate fund manager, has settled on another Canberra asset for their High Income Sustainable Office Trust (HISOT).
It cost $15.6 million for the property set a kilometre from Parliament House, on a prominent corner site in Barton, ACT.
The 4,054 square metre building has a current NABERS rating of 3.0 with a vacancy rate of 38%.
The Australian Medical Association will be remaining on site as the primary tenant.
“EG will deliver a repositioned, sustainable building in the heart of Canberra’s most attractive office markets,” said Michael Noblet Associate Director, Capital Transactions.
“We are targeting to improve the NABERS rating to 4.5 stars or higher through operational improvements and an active capital works program.”
EG has already planned to align themselves with technology partners to improve energy efficiencies in the building, in line with the HISOT mandate.
Key investors in the fund include Uniting Financial Services and the Clean Energy Finance Corporation.
CEFC Investment Funds Lead Rory Lonergan said through upgrading the 30-year-old building, EG will demonstrate how underperformers can be reinvigorated to provide dynamic workspaces that are valued by tenants because they are equipped to handle the demands of a clean energy economy.
The vendor was the Australian Medical Association and the sale was brokered by Tim Mutton of Colliers International.
Earlier this year, EG settled on the $15.4 million East Block asset in Canberra’s Parliamentary Triangle, which was the first asset in the HISOT fund.
