ON THE MARKET: Federation House will be auctioned next month.
ON THE MARKET: Federation House will be auctioned next month. Trevor Veale

Icon to go under the hammer

COFFS Harbour's highest profile office building has been listed for sale.

Federation House - also Coffs Harbour's tallest office building - at 24 Moonee St will be auctioned by LJ Hooker Commercial Coffs Harbour on September 19 in Sydney.

Director Troy Mitchell said the building is considered the city's most prestigious office building with an enviable tenant list.

"The building is 53% anchored by government and national tenants. The government tenants include the National Parks and Wildlife Service, Ambulance Service of NSW; Optus and Vodaphone are among the national tenants and MBT Lawyers occupy one whole floor, in addition to a variety of other tenants."

Federation house offers its buyer eight floors spanning 3327sq m. There is dual lift access to all floors and 42 valuable car parking spaces.

The marketing material states the estimated net income for the property is $916,168 plus GST.

CoreLogic records show the building was last sold for $2.3-million in 1999.

Mr Mitchell said the property, which has only been on the market a matter of days, is already attracting plenty of interest from interstate.

"We're not seeing a lot of interest from Coffs investors at this stage; the price range may put it beyond local investors, but we're fielding interest from Melbourne and Brisbane."

Mr Mitchell said the prospective purchasers for a building such as Federation House would include superannuation funds, wealthy high-net worth individuals and property trusts.

"Coffs Harbour is seen as a high-growth regional commercial centre and it's certainly a popular location for investors Australia wide."

While there are no office buildings of a comparable size to have sold in recent years in Coffs Harbour, the nearest include the smaller 43 Gordon St which sold for $5.175 million in 2013 and the NRMA building at 30 Gordon St which sold for $4 million in 2014.

Federation House will be sold at a public auction on September 19 at Doltone House in Sydney.



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