CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Parliamentary asset at the foot of Capital Hill set to sell for $70m

Jess Freeman • 10/10/2024

Google-Sydney-HQ

photo: West Block ground

West Block, 21 Queen Victoria Terrace, a historic heritage office building located within the National Triangle, a blue-ribbon precinct in Canberra, is set to begin a new chapter, returning to the heart of Australian government operations.

The prime property has a guide price of $70 million, offering an unparalleled investment opportunity, featuring an 11.3-year lease (11-year WALE) secured by the AAA-rated Commonwealth Government and fixed income growth of 3.50% p.a.

Originally constructed in the 1920s when the Commonwealth Government relocated from Melbourne to Canberra, West Block holds a unique place in Australian political history. As one of the original three buildings of the relocation, it even housed the Prime Minister’s office for many years, making this a rare opportunity to acquire a piece of Australian political heritage.

Heritage office assets of this scale are rare in Canberra, and West Block’s rich history further enhances its prestige. Located on a 1.7-hectare island site within Canberra’s sought-after Parliamentary Precinct, West Block offers over 8,200 sqm of premium office accommodation.

The building is just 400m from Parliament House, along a major arterial road connecting the Parliamentary Precinct to the Civic CBD. The proposed light rail network extension, with a stop just 500 metres from the asset, further enhances the property's future value.

Canberra’s office market is one of the strongest in the country, and in the Parliamentary Precinct where West Block is located, prime vacancy is exceptionally low at 1.6% with limited new supply under construction. Canberra office vacancy reflects 9.5% or 8.8% in A grade assets.

West Block has undergone significant capital investment, with over $45 million spent to revitalise the property into a premium-grade public servant facility. This capital base building works program has underpinned a low-capex, annuity-style investment for prospective buyers.

West Block features fully upgraded premium services and finishes, befitting the asset’s unique
location and heritage. The upgrade works are targeting a 5-star NABERs rating (tracking to 5.5 Stars), and the property holds significant potential for future development. A Development Approval has already been secured for a new 690 sqm building in the southeast corner

Daniel Wolman and Oliver Hay of Cushman & Wakefield and Paul Powderly, Alex McColl and Matthew Winter of Colliers are handling the sale.

Daniel Wolman of Cushman & Wakefield said this is an asset of national significance, featuring the ultimate investment credentials — AAA-rated, 11.3-year income, with low-capex, annuity-style returns.

“West Block's place in Australian political history, combined with its location in one of the best-performing office submarkets in the country, political significance, and secure government lease, makes this a unique opportunity,” Mr Wolman said.

Paul Powderly of Colliers said, "West Block is poised to continue playing a central role in Australia’s government landscape for years to come. With exceptionally low vacancy rates and long-term government tenancy, this is an investment that offers both stability and prestige at the most powerful address in Australia.”


About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

RECENT NEWS

Dairy farm1.jpg
Innovative housing solutions set to secure the future of Victoria’s $3B dairy industry

Victoria’s dairy regions are facing growing challenges in accessing housing, affecting workforce attraction and retention and threatening the long-term sustainability of the state’s $3 billion dairy industry.

Jess Freeman • 28/04/2025

30-36 Eaton Mall, Oakleigh.jpg
Private Investor snaps up Landmark Eaton Mall property for record $12.1m in fiercely contested auction

In one of the most hotly contested auctions Melbourne has seen in recent years, a landmark retail property in the heart of Oakleigh’s bustling Eaton Mall has sold for $12.1 million – setting multiple records and underscoring the surging demand for blue-chip retail assets.

Jess Freeman • 25/04/2025

L to R- Miron Solomons and Matt Pontey.jpg
Cushman & Wakefield Supercharges National Investment Sales Platform with NSW Heavyweights

Cushman & Wakefield has made a major play in the highly competitive commercial property market by appointing Miron Solomons and Matt Pontey to jointly lead its New South Wales Investment Sales division. This move supercharges its national platform and signals aggressive expansion across the eastern seaboard.

Jess Freeman • 17/04/2025

Leadership (image)
Cushman & Wakefield positions for market upswing with WA leadership changes

Cushman & Wakefield is restructuring its Western Australia leadership team to capitalise on a projected upswing in the commercial real estate market, with major shifts in its Perth office positioning the firm for increased leasing and sales activity.

Jess Freeman • 07/04/2025

124-180 Ballarat Rd, Footscray aerial unmarke.jpg
Major Footscray development site changes hands in landmark deal

In a move that underscores the sustained demand for large-scale mixed-use development opportunities in metropolitan Melbourne, one of the city’s most significant infill development sites has been acquired by a prominent local developer.

Jess Freeman • 17/02/2025

Looking for more information?

Get in touch with one of our professionals.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS