One of Canberra’s newest hotels, the upscale Abode Belconnen, is for sale
152-key Abode Belconnen
Offered with vacant possession
Features a restaurant, boardroom and 68 car parking spaces
JLL Hotels & Hospitality Group has been exclusively appointed by major Canberra developer, Geocon, to offer for sale one of Canberra’s newest hotels, the upscale Abode Belconnen.
Geocon’s Managing Director Nick Georgalis, said “The Republic Precinct stands out as an example of outstanding planning, hard work and determination”.
“During development and throughout the build we always intended to take this asset to market. Since we opened in October last year, Abode Belconnen has been consistently full, which has presented us the perfect opportunity to bring this sale forward earlier that first planned or expected.”
“Abode Belconnen echoes what we have seen across the rest of the ACT, that Canberra’s hotel market remains strong and resilient. We know that Canberra has one of the strongest drive markets in Australia thanks to our proximity to major population centres in NSW and the seemingly endless opportunities for tourists once they arrive here.”
“Abode Hotels have remained open and at capacity throughout most of the Covid months, which is good for our company and good for Canberra’s economy.”
The Hotel forms part of the Republic Precinct, which overlooks Lake Ginninderra and is one of Canberra’s largest mixed-use precincts. This $700 million precinct connects the retail heart of the Belconnen Town Centre, the lake, the office district and the University of Canberra, and includes various vibrant restaurants and cafes, a function centre and shared workspaces. Designed by renowned Fender Katsalidis Architects, the area includes approximately 10,000 sqm of commercial / retail space and 7,300 sqm of communal / public open space.
Offered with the benefit of vacant possession or continued management under the Abode brand, this 152-key hotel features a restaurant, boardroom and 68 car parking spaces. Further shared facilities include a theatre, wine store, chef’s kitchen, library, heated swimming pool, gymnasium and yoga studio as part of the Republic precinct.
Mark Durran, Managing Director – JLL Hotels & Hospitality Group, noted “As the political centre of Australia, Canberra is one of Australia’s more resilient and stable hotel markets and has enjoyed relatively strong occupancy rates compared with other capital cities. This success can mainly be attributed to enduring government related demand as well as it becoming an increasingly popular domestic leisure destination”.
Belconnen is part of the Outer North precinct of Canberra, which as of 4Q2020 has over 230,000 sqm of commercial space. Major government and corporate occupiers in the area include the ACT Government, Australian Bureau of Statistics, Attorney General’s Department, Australian Institute of Health and Welfare, and national technology company, Veritec.
Canberra has a consistent history as one of Australia’s strongest and most secure economies with robust employment and forecast population and GDP growth. The city’s world-class tourist attractions such as the Australian War Memorial, Parliament House and National Gallery of Australia, combined with it’s growing foodie culture have also increased the popularity of Canberra and cemented it as a highly sought-after leisure destination.
The Abode Belconnen is being offered for sale via Expressions of Interest, providing an unrivalled opportunity to acquire a brand-new hotel asset in one of Australia’s strongest and most secure economies.