Hindmarsh, in conjunction with Babcock & Brown, has launched an $18 million property trust to acquire the Australian Federal Police Training College in Barton, Canberra.
The property is currently leased to the Commonwealth until June 2009 with an option for the lessee to extend the lease for a further three years until 2012.
Hindmarsh, the diversified property and construction company, will acquire 50% of the units in the Trust. The remainder will be acquired through Babcock and Brown Securities.
The AFP Canberra Property Trust will be managed by Hindmarsh Funds Management, while Hindmarsh Property will provide the day-to-day lease and facility management.
The Brisbane Avenue property is a two and three-level building which was originally a hostel and is now used as a live-in educational facility for the Australian Federal Police.
It is on a 1.5 hectare site within walking distance of the Federal Parliament and close to the foreshores of Lake Burley Griffin. The area is also close to the popular Manuka and Kingston shopping centres and only a few kilometres from the city’s CBD.
The property has the potential to be maintained for its current use or to be redeveloped as either a commercial or residential site should the tenant relocate.
Contacts: Darren Dougan (Hindmarsh) 0411 368 426
Todd Pepper (Babcock and Brown) 0416 103 949