A new $150 million office in the City Centre will be developed after the ACT Government sold a block of land for $17.75 million to Capital Property Group, the developers of Canberra’s award-winning Constitution Place precinct, Chief Minister Andrew Barr announced.

The six-level, 14,000 sqm commercial building will be on the corner of Vernon Circle and Constitution Avenue. Construction will begin in mid-2024, and be completed in the second half of 2026.

Stephen Byron, CEO of Capital Property Group, said the new development would be sustainable, targeting a WELL Gold-rated Shell and Core, and aiming for a 5-star NABERS energy rating. It will be 100 per cent carbon neutral in operation, with a 99kw roof-mounted solar array and no gas plant. Part of the building’s structure and fabric will built from sustainable timber, reducing its carbon footprint.

It is designed by architects Bates Smart, and will be constructed by Construction Control.

“This is a high quality and sustainable development that will further enliven the world-class civic and culture district planned for City Centre,” Mr Barr said.

“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.”

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.

“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.

“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.”