An artist's impression of the new Constitution Place development.
02 November 2023
A new $150 million office development will be built 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 - Bates Smart and Construction Control - deliver a six-level, 14,000sqm commercial building on the corner of Vernon Circle and Constitution Avenue.
Construction is set to commence in mid-2024, and be completed late 2026.
The project continues the renewal of the city centre, alongside the Canberra Theatre redevelopment and evolving Acton Waterfront.
Capital Property Group Chief Executive Officer Stephen Byron said this project would build 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," he said.
"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.
The building is also proposed to have a hybrid timber construction where part of the building structure and fabric will be 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," Mr Byron said.
"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."
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.
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