The former Sirius Building, now known as Yaradhang, in Phillip. Photo: Ian Bushnell.
The former Sirius Building in Phillip, which was renamed after public servants working there complained about its colonial connection, is on the market.
Purpose-built in 2010 for the Department of Health and Aged Care, which will call it home until at least 2035, the building is now known as Yaradhang, the Ngunnawal term for eucalyptus, a plant known for its medicinal properties.
It was originally named after the flagship of the First Fleet, and its design referenced that of the 18th-century sailing ship.
About 4000 public servants work in the building, which has had $68 million spent on it since 2019, including a new fitout.
Located at 23 Furzer Street, it sits on a 10,410 square metre site in the heart of the Woden Town Centre. It provides office accommodation across 10 ‘campus-style’ levels with onsite car parking provided in two basement levels.
The building boasts a 6-Star NABERS Energy Rating, one of only five in the ACT, and has also achieved a 6-Star NABERS Water Rating and won multiple national sustainability awards.
The property exceeds the requirements for the Commonwealth’s Net Zero Government Operation Strategy.
Matthew Winter, head of Capital Markets & Investment Services, ACT, at Colliers, said the landmark asset was expected to attract interest from national and international investors. Its most recent valuation was about $345 million.
Mr Winter said the A-grade building offered about $25 million net passing income with annual 3.25 per cent fixed rental increases, and the fit-out represented a future-proofed investment.
He said the Department recently extended its lease by 10 years.
The name controversy stirred strong responses from the architect and former Prime Minister John Howard.
Mr Russell, from May and Russell Architects, said he was disappointed at the Health staff for taking offence.
“We cannot deny our history,” he said.
Mr Howard was more blunt, saying it was pointless petulance.
Colliers and JLL are handling the sale via an international expression of interest process.
Leading development and management property group Mirvac is the vendor.
Original Article published by Ian Bushnell on Riotact.
