Dame Pattie Menzies House in Dickson sells for $15 million
The ACT government has sold Dame Pattie Menzies House in Dickson for $15 million.
The two interconnected office buildings at 16 Challis Street house the Environment, Planning and Sustainable Development Directorate.
They sold to private company, Merrylin Lindland Pty Ltd, by tender via JLL.
The ACT government has a three-year lease on the buildings, with two additional one-year options, to allow for the construction of a new government office building on the nearby motor registry site.
City Renewal Authority interim chief executive Gary Rake said the 3517-square-metre site would be an ideal urban renewal opportunity after the government lease ends.
“It is situated conveniently next to the new Dickson bus interchange, adjacent to the Wooley Street dining precinct and just a very short stroll from the Dickson light rail stop,” Mr Rake said.
The Dickson precinct code allows for buildings up to six storeys and the site’s CZ2 zoning allows for commercial, residential and retail uses.
JLL ACT managing director Andrew Balzanelli said the sale represented a rare opportunity for investors.
- Related: Doma to transform Dickson motor registry site
- Related: Mega Dickson site sells for $40 million
- Related: Dame Pattie Menzies House on the market
“Investors are seeking exposure to assets with strong covenants, which provide security of income and in this case, development up-side,” Mr Balzanelli said.
“This deal is a reflection of the confidence that Dickson Town Centre will be a central hub as it is on the light rail network and will continue to stimulate local, national and international interest in Canberra.”
Doma Group was chosen to develop the neighbouring motor registry site in April. The developer has plans for a multi-building precinct with 13,000 square metres of office space and 280 new apartments.
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