The London Circuit carpark opposite the Melbourne Building in City West has been sold for $53 million by the City Renewal Authority (CRA) to Capital Property Group, part of the Capital Airport Group which owns Canberra Airport.
Capital Property Group will build a high-quality mixed-use development on the prime location on the south-west corner of London Circuit and Northbourne Avenue.
The $53 million sale will see the developers of Canberra’s award-winning Constitution Place start construction on the project by the end of 2024, with completion scheduled for 2027. It will include replacement public car parking and have an emphasis on sustainability.
The City Renewal Authority’s CEO Malcolm Snow said he was delighted with the sale of the prominent site to the Capital Property Group for the social and economic benefits it will bring to the City Centre.
“This land can be so much more than a carpark. It will become a high-quality and sustainable development comprising buildings and spaces for thousands of people to connect with each other in the heart of our city,” Malcolm Snow said.
“It will make a major contribution to the ongoing renewal of our City Centre, encourage further private investment and support the livelihoods of many nearby restaurants, cafes and retail shops.”
Canberra Airport Head of Property Richard Snow (no relation to Malcolm Snow) said the purchase is a testament to the Capital Property Group’s dedication to the growth and prosperity of Canberra.
“We are excited to transform this prominent site into an exciting mixed-used precinct featuring up to four buildings,” Richard Snow said.
“It will have a strong food and beverage focus to help attract national and international operators to Canberra and contribute to the vibrancy of our City Centre.
“This opportunity harnesses our long‑standing experience, award-winning precinct design skills and commitment to sustainability and excellence honed at Canberra Airport, Denman Prospect and Constitution Place over the past 25 years.”
Capital Property Group was one of several tenderers to receive conditional contracts for the site as part of an ACT Government land release to develop leased office accommodation for the Commonwealth Government.
After the Commonwealth advised the Authority in August 2023 that their previous approach to market had closed – and consequently the agreement with their preferred tenderer terminated – the CRA independently continued with the land release among the existing shortlisted tenderers.
According to the CRA, this approach has provided value for money for Canberrans and will help fast-track the renewal of the City Centre, turning an under-utilised space into a bustling hub of activity close to the new cultural district, restaurants, cafes and shops.
The land sale was managed by JLL ACT.
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