Overhaul coming as Canberra’s Finlay Crisp Centre sells
Singapore-based SC Capital has swooped on Canberra’s Finlay Crisp Centre — sold off by Dexus — for about $62 million and will undertake a major overhaul.
The group, one of the Asian investment houses setting the pace in local dealmaking, will look to reposition the complex to win more tenants.
SC Capital has teamed with local asset manager Artifex Property Group, which will undertake a $50 million refurbishment to take advantage of its prime location.
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“This acquisition underlies our confidence in both the underlying property fundamentals and Canberra’s defensive office occupier market,” SC Capital chairman Suchad Chiaranussati says.
Artifex director Mark Frinsdorf says: “With prime-grade office vacancy less than 6%, coupled with strong tenant demand from government and related service providers, the property is well-poised to deliver strong performance.”
Dexus first put the building, which houses the Customs Service, on the block in 2016. All up, the centre, which comprises three buildings — Customs House, Allara House and Nara Centre — occupies an entire city block.
The property sits on an 8844sqm site with frontages to Constitution Avenue, Allara Street and London Circuit. The total net lettable area of all three buildings is almost 30,000sqm.
Singapore-based SC Capital has an active style of investing. In March it unveiled plans for a $700 million mixed-use hotel and office tower Sydney for which it will seek investors later this year.
The funds manager has also won approval for a 55-storey project at 4-6 Bligh St in Sydney.
This article originally appeared on www.theaustralian.com.au/property.
