Ascot Capital Limited has acquired its fourth Canberra asset after purchasing a 7,360sq m industrial property in Symonston for $15m from a local private syndicate.

Savills Australia’s Andrew Stewart and Nic Purdue brokered the off-market deal for 12 Faulding Street in the Amtech Estate, which encompasses a 2,700sq m office/warehouse building and a smaller 579sq m building.

Peter Agostino, Director of Ascot Capital, said the group was attracted to the secure income stream from the property’s occupant, Telstra, one of Australia’s leading companies, the three-street frontages to the prominent 7,360sq m site and further development potential of the property.

“Canberra is a market we are comfortable with and we know the dynamics,” he said.

Greg King, Director of Ascot Capital added “The opportunity to secure a new 7.5-year lease to Telstra, in a property that has such solid fundamentals at a good yield, is an ideal play for Ascot Capital. We intend to hold this property long term and look at further expansion opportunities in the future.”

Symonston is adjacent to the Fyshwick industrial and retail precinct, approximately eight kilometres from the Canberra CBD.

Mr Stewart commented on the “compelling” nature of the deal.

“It is difficult for buyers to unlock solid investment opportunities and find strong returns in a tightening market like Canberra,” he said.

“Ascot Capital recognised the robust long-term nature of this property, and we’re pleased to be able to support their continued commitment to the Canberra market.”

Mr Stewart said the sale had been completed at a time when very few assets were being traded in Canberra.

“In the first half of 2018, only one property greater than $10 million has sold, demonstrating the tightly held nature of the current market,” he said.

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