Landmark Canberra office building Garema Court has sold for $71.5 million.
The seven-storey office block at 140-180 City Walk was purchased by Australian real estate investment fund group Elanor Commercial Property Fund (ECF).
The building has more than 11,000 square metres of office space and is almost fully leased with federal government offices taking up more than 95 per cent of the space.
The Commonwealth of Australia's lease on the property will expire in March 2024.
In an Australian Securities Exchange announcement, ECF fund manager David Burgess said Garema Court was part of the funds strategy to invest in "high investment quality assets with strong cash flows".
"The property's four-year Commonwealth Government lease and its prime location positions it as a strong investment for ECF," he said.
ECF purchased the building from property group Dexus.
Garema Court is classified as an "A grade" office building and was marketed as being in "an unrivalled location" due its position near "numerous" infrastructure projects.
It presented an "exceptional investment opportunity", an online advertisement said. Alongside the office space the building has ground-floor retail space and 66 basement car spaces. It has a 72-metre frontage to Garema Place.
Garema Court was completed in 1996 and has been refurbished multiple times including this year. It last sold 20 years ago.
Colliers International ACT brokered the sale which was one of a string of high-priced office sales in Canberra this year.
Earlier this month, the commercial holdings in Acton's Nishi building sold for $256 million. Among that was a 10-storey office building also leased by the government.
In June, Canberra's Telstra head office in Mort Street sold for $108.5 million.
At 121 Marcus Clarke street a 50 per cent share of the building sold for $102.9 million.
