Woden's Medibank building on the market

An eight-storey building will hit the market in Woden on Thursday, providing buyers with their first opportunity to take advantage of the town centre’s new master plan.

Number 15 Bowes Street, otherwise known as the Medibank building, is situated in the town’s retail core precinct.

According to the Woden master plan, released in November 2015, buildings up to 16 storeys

can now be constructed in this part of the town centre.

Vicinity Centres will sell the building through JLL agents Michael Heather and Greg Lyons.

“[Number] 15 Bowes Street has immense potential for a major office refurbishment or conversion for alternative use such as a hotel, residential apartments or retirement/aged care facility, subject to ACTPLA approval,” Mr Heather said.

“The beauty of the asset is it offers multiple opportunities.”

Mr Heather said the secondary grade asset, which was built in 1984, is 44 per cent occupied and tenanted by Medibank and the Australian Federal Police until late 2017.

The building has a net lettable area of 9108 square metres and an estimated net income of just over $1 million. It is centrally located directly adjacent to the Woden bus interchange and close to the Westfield shopping centre and the Hellenic Club.

Mr Heather said he was expecting strong interest from local developers and investors who are looking for a value-add opportunity.

“It should also attract national interest, given the recovery of the Canberra office leasing market,” Mr Miller said.

“It provides a significant opportunity for office refurbishment and the market is seeing a lot of tenant demand.”

Woden Valley Community Council president Martin Miller said Woden buildings such as Juliana House had been successfully refurbished and hoped the sale of 15 Bowes Street would encourage further development in the town centre.

“Juliana House was a good reuse project and it’s one of the greenest hotels in Australia,” Mr Miller said.

“Hopefully [the sale of the Medibank building] brings opportunities for more redevelopments and facilities in Woden, particular sporting or leisure facilities.”

Mr Miller said he believed the Woden community would welcome a 16-storey redevelopment of the site, as long as the design and placement of the building enhanced the town centre.

The town centre will experience several changes during the next few months, including more than 1000 Access Canberra and administrative health staff relocating to Woden.

Aviation House on Furzer Street also hit the market last week and has already received international interest.

Mr Heather said while the sale presented a rare opportunity for a buyer to secure a substantial land holding in the town centre, it was also an exciting time for Woden.

“It could be one of the first assets that benefits from the Woden Town Centre Master Plan released by the ACT government last year,” Mr Heather said.

Expressions of interest close on Thursday, April 28.