A highly sought-after industrial property in Canberra’s north, 92-94 Vicars Street, Mitchell ACT, has sold off-market for $7,200,000 in a deal brokered by Frank Giorgi from RWC Canberra, who acted on behalf of the purchaser, a Sydney-based investor with future owner-occupier intentions.
The 5,497sqm site includes approximately 2,000sqm of gross floor area (GFA) and is currently leased to Bunnings Warehouse, who have occupied the property for over 20 years. The lease includes one remaining option period, offering ongoing income certainty while also providing flexibility for the incoming purchaser’s long-term plans.
“This asset represents the ideal blend of security and opportunity,” said Frank Giorgi.
“Bunnings has been a long-standing tenant on this site for two decades, and with one option period remaining, the buyer gains both reliable holding income and future upside through potential occupation or redevelopment.”
The site’s low site coverage - less than 40 per cent - enhances its appeal, with land-rich industrial holdings like this in increasingly short supply across the ACT.
“Land-rich industrial assets with national tenants continue to be the most tightly contested in the market,” Giorgi added. “This result demonstrates the premium placed on sites that combine location, lease covenant, and long-term development potential.”
The private ACT-based vendor was approached directly by Mr Giorgi on behalf of the purchaser, with no formal marketing campaign undertaken. The off-market nature of the sale further underscores strong investor appetite for blue-chip industrial assets.
