A new office and retail development will position thousands of workers and visitors in the City Centre following the City Renewal Authority’s sale of vacant land for $17.75 million.
The 2743sqm block was purchased by Capital Property Group, who will deliver a high quality building featuring about 14,000sqm of office and retail space with outstanding sustainability qualities.
The Authority’s CEO Malcolm Snow said the sale and future development – to be located at the corner of Vernon Circle and Constitution Avenue – showcased the Authority’s long-term vision for the City Centre.
“This high quality and sustainable development will reshape the City Centre landscape for the better,” Mr Snow said.
“With its stunning architecture and placement in the Canberra Civic and Culture District, the future development tells the story of our unfolding renewal journey.
“It will transform a vacant block of land into state-of-the-art office space that will become a hub of social and economic activity.”
Image: a render of the planned development.
Capital Property Group CEO Stephen Byron said the development would set a new benchmark for office buildings in Canberra.
“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,” Mr Byron said.
“This new development will provide high-quality, centrally located office accommodation to meet the city's growing needs. It will place a strong emphasis on sustainability and will be 100% carbon neutral in operation.
“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 of the development."
Capital Property Group will begin construction on the development in FY2024-25.
The company will target industry measures for energy efficiency and climate-wise design, such as both a WELL Gold-rated Shell and Core, and a 5-star NABERS energy rating.
Sustainability features are to include:
The future development will be located nearby to key ACT Government infrastructure projects like the extension of light rail, the planned 2000-seat Canberra Theatre Centre, the Garema Place upgrade and the new Acton Waterfront neighbourhood.
Image: An aerial render of the planned development and surrounding buildings.
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