West Block, 21 Queen Victoria Terrace ACT

West Block, 21 Queen Victoria Terrace, Canberra ACT

A historic Australian property was acquired for a price well below replacement cost.

Designed in 1925 and built-in 1926-27, West Block was one of the first buildings purpose-built for Australia’s new democratic government. Located in Australia’s currently best-performing office market and within its tightest sub-market, the property represents a rare opportunity to deliver a regenerated prime-grade asset into a market lacking high-quality office accommodation.

EXCHANGED DATE

November 2021

PROPERTY TYPE

Office

NET LETTABLE AREA

8,145 sqm

SITE AREA

16,890 sqm

CAR PARKING

41 bays

KEY CHARACTERISTICS

Replacement cost: The 8,145 sqm building sits on a large 16,890 sqm block and has been acquired for a price well below replacement cost.
Location and precinct: The property is located in the Parliamentary Precinct, one of the best performing office sub-markets in the country. Prime vacancy in the Parliamentary Precinct is less than 3% with no new supply under construction as at July 2021.
Unique Offer: A heritage asset in the Parliamentary Triangle for commercial office use is rare. The two atriums, large lobby and the Manager’s upgrade works including a new EOT and a business centre, will elevate the project and is expected to be well received in the market.