Marcus Clarke Street building in Canberra reportedly sells for more than $300 million

An office building at 50 Marcus Clarke Street in the city has reportedly sold to a South Korean investment group for a record-breaking price of about $321 million.

If officially confirmed, it will be the biggest sale of a Canberra office building on record.

The previous record was set in 2006 when Symonston’s Geoscience Building sold for $234.1 million. 

The CBD property has reportedly sold to Mirae Asset Global Investments via CBRE, JLL and Richard Butler Real Estate, who declined to comment on the sale.

The Walker Corporation developed the building in 2011 and sold it for $232 million to Singaporean investors CIMB in March 2012.

The 12-storey office building is one of Canberra’s most energy efficient and has a six-star Green Star rating.

It is positioned on a 4801-square-metre block and boasts a net lettable area of 40,201 square metres.

Tenants include the Department of Education and Training and the Australian Electoral Commission.

The 15-year lease with the Department of Education commenced in 2010.

Foreign buyers have been increasingly drawn to Canberra commercial properties as they offer stability and healthy returns.

Most foreign investors are looking for properties over $100 million and government agency tenants on a long-term lease are particularly attractive.

Tuggeranong’s Louisa Lawson Building, which is leased to the Department of Human Services, sold to South Korean property investors FG Asset Management for $225 million in 2015.

Asian investors made up about 37 per cent of buyers in the Canberra commercial market between 2010 and 2016.