This article is from the Australian Property Journal archive
THE federal government has netted $122.5 million from the sale of four properties in Canberra’s parliamentary triangle, marking the first time land in the precinct has been privately owned.
The sale price has exceeded the government’s initial expectations of $100 million.
Finance Minister Mathias Cormann said EG Funds Management has acquired Anzac Park West and East Block for $51.0 million and $15.5 million respectively and local Canberra developer Amalgamated Property Group snapped up Anzac Park East and a Constitution Avenue development site known as Block 8, Section 3, Parkes for $34.3 million and $21.7 million, respectively.
“Private investment presents an opportunity to revitalise all these properties and ensure the significant heritage values are retained.
“All sales agreements include comprehensive protections to preserve the heritage values and significant architectural merit of the properties in perpetuity.” Minister Cormann said.
The East Block is leased to the National Archives for at least a decade.
Cormann confirmed more than a year ago that the Anzac Park buildings would be put to the market as the federal government looked to offload ageing office assets.
APG will demolish and redevelop the existing Anzac Park East office building, which has now sat vacant for 20 years, into a mixed-use precinct that could include any of residential, commercial, restaurant, hotel and retail space.
“We recognise the significance of these site and the opportunity that is now bestowed on our group to create vibrant mixed-use developments, whilst also respecting its heritage status as a portal element in the vista from Parliament house to the Australian War Memorial,” Phil O’Brien, general manager of Amalgamated Property Group said.
“Our design principals will contribute to the activation of Constitution Avenue and will combine a balance of built form that will integrate with open landscaped areas, while creating a unique and prestigious development for locals and visitors to enjoy.”
APG said it would ensure the development has the ability to connect the community to the importance of the original 1960s buildings that were designed by the NCDC’s director of architecture, Gareth Roberts.
The group is currently redeveloping Civic Quarter within Canberra’s CBD, while completed projects include Manhattan Apartments in the city and Price WaterhouseCoopers’ Canberra Headquarters in Forrest.
Australian Property Journal
