The REIT’s office spending spree in Canberra will soon exceed more than $1 billion in just over 12 months as the business targets secure, long-leased assets.
Real estate fund manager Charter Hall is undertaking due diligence on one of Canberra’s most valuable office buildings, and is set to pay a city record price of more than $370 million for the Geoscience Australia headquarters.
The deal stands to lift Charter Hall’s Canberra office spending spree to more than $1 billion in just over 12 months as the business, led by managing director David Harrison, targets secure, long-leased assets for its funds. A key attraction for investors is the city’s strong leasing market. Vacancy rates in the national capital fell to their lowest level since 2008 during the March quarter because of sustained tenant demand, particularly for prime grade buildings, according to JLL.
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