Abacus Property Group has purchased two properties, one  in Canberra and another in Fern Bay, New South Wales, valued at $75 million which will be packaged as special opportunity funds for release in 2008.

The first building, located at 51 Allara Street in Canberra, was acquired for $52.6 million on a yield of 7.65%.

The property occupies a prominent location on the intersection of Allara Street and Constitution Avenue in Canberra's CBD.

The modern office building provides a NLA of 11,760 sqm and is fully leased, with a staggered tenant expiry profile to 2017.

Tenants include Ernst & Young, the ATO and the Murray Darling Basin Commission.

The second purchase, Bayway Village, is a manufactured homes park at Fern Bay, approximately 20 kilometres from Newcastle.

The property was acquired for $18.75 million on a yield of approximately 10%.

Located opposite Newcastle Golf Course, the 25.9 hectare site provides 453 homes with approval to build an additional 117 homes.

Recreational facilities on site include a lawn bowling green, tennis courts and swimming pool and the surrounding area is currently a mix of developing residential, retirement village and rural use.

Director of funds management, Tom Hardwick, said that both properties had been acquired for release as special opportunity funds to the clients of Abacus’ financial planners in the first half of 2008.

“Allara Street offers a high quality office building with a strong initial yield and prospects for further growth through repositioning of the tenancy profile and reversion to market rents,” said Mr Hardwick.

“Bayway Village will provide investors with a large hand holding on the central coast of NSW, with a strong initial yield and prospects for growth through development of the surplus land.”