Savills Australia sells office/warehouse in Amtech Estate for $15million
CANBERRA, August 8, 2018 – Ascot Capital Limited has acquired its fourth Canberra asset after purchasing a 7,360sqm industrial property in Symonston for $15million from a local private syndicate.
Savills Australia’s Andrew Stewart and Nic Purdue brokered the off-market deal for 12 Faulding Street in the Amtech Estate, which encompasses a 2,700sqm office/warehouse building and a smaller 579sqm building.
Peter Agostino, director of Ascot Capital, said the group was attracted to the secure income stream from the property’s occupant, Telstra, as well as the three street frontages and further development potential of the prominent site.
“Canberra is a market we are comfortable with and we know the dynamics,” he said.
Greg King, another director of Ascot Capital, said the opportunity to secure a new 7.5-year lease to Telstra, in a property that had “such solid fundamentals at a good yield”, was “an ideal play” for the company.
“We intend to hold this property long term and look at further expansion opportunities in the future,” he said.
Symonston is adjacent to the Fyshwick industrial and retail precinct, approximately eight kilometres from the Canberra CBD.
Mr Stewart commented on the “compelling” nature of the deal.
“It is difficult for buyers to unlock solid investment opportunities and find strong returns in a tightening market like Canberra,” he said.
“Ascot Capital recognised the robust long-term nature of this property, and we’re pleased to be able to support their continued commitment to the Canberra market.”
Mr Stewart said the sale had been completed at a time when very few assets were being traded in Canberra.
“In the first half of 2018, only one property greater than $10million has sold, demonstrating the tightly held nature of the current market,” he said.