Resources
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
A historic Commonwealth building that once housed the prime minister’s office has been listed for sale, in what agents say is a rare opportunity to acquire a piece of Australian political heritage in Canberra’s prestigious National Triangle.
West Block is at 21 Queen Victoria Terrace, 500m from Parliament House and 2.5km from the CBD. The historic building was sold by Geocon to Oceana Property Partners for $24.5 million in 2022.
The property now carries a guide price of $70 million and boasts an 11.3-year lease to the AAA-rated Commonwealth Government with fixed income growth of 3.50 per cent a year.
Cushman and Wakefield international director and co-head of Melbco Daniel Wolman is part of the team handling the sale.
“West Block represents an asset of national significance, featuring the ultimate investment credentials—AAA-rated, 11.3-year income, with low-capex, annuity-style returns,” Wolman said.
The building’s location in Canberra’s Parliamentary Precinct adds significant value, with the area experiencing exceptionally low prime vacancy rates of 1.6 per cent.
This, according to Colliers national director development Paul Powderly—also part of the sales team—along with long-term government tenancy, make this an investment that offers stability and prestige “at the most powerful address in Australia”.
Built in 1926-27, West Block was one of the original buildings created for Australia’s federal government when it moved from Melbourne to Canberra.
Designed by government architect John Smith Murdoch, who also designed Old Parliament House, the structure features a distinctive red and white brick facade.
The building has served various crucial roles in Australian history, housing the National Library, crown solicitor and prime ministerial offices.
Prime minister John Curtin used his West Block office to communicate with Winston Churchill regarding Australia’s involvement in World War II.
The site also contains a wartime bomb shelter known as The Dugout, where ‘Cable Girls’ worked on encoding and decrypting messages between Allied leaders during the conflict.
All its history aside, the site has undergone a $45-million renovation, and the heritage office asset now provides more than 8200sq m of premium accommodation and 350 carparks on a 1.7ha island site, 400m from Parliament House.
A “sympathetic restoration” was undertaken by interior design practice Capezio Copeland, energy-efficiency experts at DeltaQ and project management consultancy ChangePM.
Cushman & Wakefield said renovations included rejuvenated facade and green spaces, befitting the location and heritage.
Approval has also been granted for an additional development of a 690sq m building.
The property is targeting a 5-star NABERS rating but tracking to a 5.5-star rating.
Under previous ownership, Geocon, which bought the site from the Commonwealth for $6.25 million, tasked Fender Katsalidis to convert the heritage property into a hotel.
Fender Katsalidis had already converted a John Smith Murdoch building into a hotel, when the group transformed the former Acton House into The Diamant Hotel—now Peppers Gallery Hotel.
Plans included a detached pavilion to the rear, external conservation works, a new portico and entry ramp, and associated landscaping.
Design, planning and approvals are under way on the Stage 2B Commonwealth Park to Woden light rail network extension, which would stop 500m from West Block.
Just 1km north along the proposed light rail, on the sought-after corner of London Circuit and Northbourne Avenue, Capital Property Group has plans for a 65,000sq m commercial precinct. The project, to be dubbed Civic, would start construction by the end of the year, pending approvals.
