Canberra Bunda Street building home to Academy, Shorty's hits the market

The sale of a city building home to some of Canberra’s most popular watering holes and eateries is expected to be hotly-contested.

A syndicate of local business owners are selling 50 Bunda Street through Colliers International via expressions of interest, with the building due to hit the market on Tuesday.

The Enrico Taglietti-designed structure and former underground cinema houses a range of businesses including Shorty’s bar, Academy night club and the Italian restaurant Provini​.

The selling group, which includes tenants of the four-storey building, has remained tight-lipped about the possible sale price.

It’s the second building to go up for sale in the precinct in the past few months.

A smaller two-storey, 220-square-metre premises at 25 Garema Place, home to Playground bar and Anton’s hairdressing salon, sold for $1.9 million at auction in August with a net yield of 5.5 per cent.

Colliers International investment services executive Matthew Winter said 50 Bunda Street was fully leased to a number of long-standing tenants.

“[It] is the type of asset investors seek but seldom find,” he said.

“It is in a core CBD location with diversified income and there is an opportunity to add value as there is no GFA [gross floor area] restriction on the site.

“It is also a building with great history and a great story, with local architect Enrico Taglietti behind the design of the building.”

The renowned Italian-Australian architect, who brought the European concept of an underground cinema to the nation’s capital, designed the four-storey building to include restaurants, retail and office space above ground and a 500-seat theatre beneath.

The building was refurbished in 2004 and the cinema converted to Academy. Bartercard and CoCu Group are among the other tenants.

Mr Winter said the building was in the right location to capitalise on future growth in the city. It’s also one block from the proposed light rail route along Northbourne Avenue.

Colliers capital markets national director Tim Mutton said 50 Bunda Street offered long-term potential thanks to upcoming development nearby.

Expressions of interest close on November 25 at 4pm.