A new $150 million office development will continue renewal in the City Centre following the sale of an ACT Government block of land to Capital Property Group.
The $17.75 million sale will see the developers of Canberra’s award-winning Constitution Place precinct deliver a six-level, 14,000sqm commercial building on the corner of Vernon Circle and Constitution Avenue with outstanding sustainability features.
This exciting project will carry forward the same architectural excellence by Bates Smart and construction expertise by Construction Control that defines the adjoining Constitution Place precinct.
Construction is set to commence in mid-2024, with completion scheduled for the second half of 2026.
This project represents a confidence in the growth and prosperity of Canberra and will help contribute to our city’s future.
The sale was completed through a competitive tender process with the ACT Government via the City Renewal Authority. The land sale was managed by JLL ACT.
Quotes attributable to the ACT Chief Minister Andrew Barr:
“This is a high quality and sustainable development that will further enliven the world-class civic and culture district planned for City Centre.”
“The future development will also be a short stroll from both City Walk and the evolving Acton Waterfront, inviting workers to explore the array of nearby attractions, restaurants, cafes and retail shops.”
“This will breathe further life into our city – helping to bring people together, support local business and encourage more private investment.”
Quotes attributable to Stephen Byron, CEO at Capital Property Group:
“Building on the success of Constitution Place, we are committed to setting a new standard of excellence for office development and further revitalising Canberra's City Centre. This new development will provide high-quality, centrally located office accommodation to meet the city's growing needs.”
“The new development will place a strong emphasis on sustainability, targeting a WELL Gold-rated Shell and Core, and aiming for a 5-star NABERS energy rating. It will also feature a 99kw roof-mounted solar array and have no gas plant allowing for the building to be 100% carbon neutral in operation. In addition the building is proposed to have a hybrid timber construction where part of the building structure and fabric will built from sustainable timber further reducing the building's carbon footprint.”
"We are passionate about Canberra and continuing to make it Australia's most vibrant, liveable city. Our experience in award-winning precinct design, honed over 25 years at Canberra Airport, positions us well to harness the full potential of the opportunity with this project."
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Andrew Barr, MLA | Media Releases