Federal Government Offloads Four Canberra Assets for $122.5 million

The federal government has offloaded a further four properties to the private sector as part of a strategic plan to revitalise Canberra’s Parliamentary precinct.

Following the successful sale of the West Block buildings to Geocon earlier this year for $6.25 million the government has confirmed it has settled a further four sales for a total of $122.5 million.

This is the first time the Commonwealth has offered land for sale within the parliamentary triangle to the private sector.

Private groups EG Funds Management has acquired Anzac Park West and East Block for $5 million and $15.5 million respectively.

Amalgamated Property Group bought Anzac Park East for $34.3 million and Constitution Avenue Development for $21.7 million.

[Related reading: Charter Hall Fund Acquires Prime Canberra Office Building]

Minister for Finance Mathias Cormann said the sales provided 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,” he said.

The combined land area of APG's sites was more than 31,000sq m.

The Canberra-based company said it would now transform the existing ANZAC Park East office building, that has been vacant for two decades.

"The existing ANZAC Park East office building, which has been vacant since 1997, will be demolished and redeveloped into a mixed-use precinct that may include residential, commercial, restaurants, hotel, and retail," general manager of Amalgamated Property Group Phil O’Brien said.

“Constitution Avenue and ANZAC Parade are two of Canberra’s grand boulevards, with panoramic views toward some of the nation’s most significant landmarks and on the door step of Lake Burley Griffin.”

The sales of the four buildings were confirmed by the finance minister in April this year.