Asset of "national significance" up for grabs in Canberra

This Canberra building is an established icon and now that it has hit the market, it’s vying for buyer attention.

This fully restored link to our art deco past is the West Block offices in Parkes.

Admittedly, it could probably have benefited from a name that was a bit more imaginative, but there’s no doubting its provenance as a former PM’s office address.

In the past few years, some $45 million has been invested in the refurbishment of more than 8200 square metres of commercial space on a 1.7-hectare “island” site just 400 metres from Parliament House.

Investors will give a big tick to a secure, long-term lease to the Department of Parliamentary Services for 11 years (from October 2024) with starting net income of about $4.34 million a year.

Colliers Canberra director Matthew Winter says West Block is an asset of national significance.

“It’s in one of the best-performing office markets in the country, with a long-term government lease,” he says.

“West Block is as an investment that offers both stability and prestige in, arguably, the most powerful address in Australia.”

There is also development approval for a free-standing pavilion of up to 690 square metres, with further potential for additional structures.

The building has price hopes of $70 million.

Contact Exclusive Selling Agents today

West Block/21 Queen Victoria Terrace, Parkes ACT 2600

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