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Australian government sells 4-asset portfolio in capital for A$123M

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Australian government sells 4-asset portfolio in capital for A$123M

Australia's federal government sold four properties in the capital's parliamentary triangle precinct for a combined A$122.5 million, The Australian reported.

According to the Dec. 8 report, the Anzac Park West and East Block buildings were scooped up by EG Funds Management for A$51 million and A$15.5 million, respectively, while the Anzac Park East and Constitution Avenue Development properties were purchased by Amalgamated Property Group for A$34.3 million and A$21.7 million, respectively.

Amalgamated Property, which received more than 31,000 square meters of space with its acquisition, is planning a regeneration scheme on the Anzac Park East site after demolishing the existing office building, which has been unoccupied for 20 years, the report noted. The developer, based in Canberra, Australia, said a mixed-use complex that may comprise residential and commercial elements, restaurants and a hotel has been planned for construction on the plot.

The publication said the sale of the four buildings was announced in April, with property experts estimating then that the portfolio would fetch a price as high as A$300 million. However, the price was eventually lowered due to the dilapidated condition of the assets and other sales terms.