There are many companies that offer commercial fitouts in Canberra that are looking forward to working on Woden Centre now that it is listed in the market. The building is known the area to be a mixed-use establishment for commercial purposes. It is now available in the market and real estate agents believe that the asking price could go over $8 million.
The Woden Centre is located in Bradley Street in Phillip with a total floor area of 1,946 square meters. The building has four floors that are now currently occupied with no vacant space available. It is next to the Westfield Shopping Centre which has a land area of 74,000 square meters. It is also conveniently located next to the Woden Plaza and the Woden Bus Interchange.
There is a current rise in demand for commercial properties located in the capital that are high quality. With the strong sales record for the entire 2018, Matthew Winter who is the associate director of the investment services at Colliers International believe that there will be a lot of interest from investors because this type of commercial property does not come very often. This is also a rare opportunity to have especially considering that the building is located in Canberra.
Mr. Winter said that the demand from the investors, both local and national, has been a record high. They are looking for commercial properties that can be high quality assets and must be located in a prime area.
The only comparable sale to the Woden Centre happened a year ago already when the Garema Centre was listed in the market and sold for $13.35 million. The property was a standalone retail located in Bunda Street in Canberra.
The current owners of Woden Centre decided that they wanted to list the property. They bought it way back in 2011. The building was originally built in the 1970s but was recently remodelled to suit the modern times. Theremodelling was a dream project for many commercial fitouts in Canberra because the annual rental income of the property amounts to $621,558.