Northbourne Avenue office building with $10 million upgrade seeking tenants

Many building owners are considering the future potential of their CBD properties with A-grade vacancies trending down and other categories heading in the other direction.

A-grade CBD vacancies sit around 5 per cent with B-grade ticking toward 12.5 per cent and C-grade languishing well beyond 20 per cent.

It’s within this climate that forward-thinking owners decide to invest and that’s what Melbourne-based property company, the South Haven Group, has done with 73 Northbourne Avenue, an asset it acquired in 2016.

The six-storey building is in the process of inside-out refurbishments costing $10 million that will undoubtedly maximise its strategic position on the corner of Northbourne Avenue and Barry Drive.

Zoe Ferrari of CBRE Canberra says the property is a standout in its class.

“It’s been given a striking new facade that is orientated toward the building’s corner frontage,” she says.

“There’s an open-plan foyer, a boardroom and numerous meeting spaces on the ground floor.”

Ferrari says the investment is transforming the building into an asset which will provide high-end amenities and communal spaces.

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“New lift lobbies and end-of-trip facilities and bike storage will appeal to employers looking for an affordable city address with an attractive working environment,” she says.

There are tenancy options from 380 square metres to 1020 square metres, with options for further sub-division to as little as 100 square metres on level 3.

Canberra City

73 Northbourne Avenue

Around $450 per square metre per annum plus GST

For lease

Agent: CBRE Canberra, Zoe Ferrari 0404 989 822