Amalgamated Property Group, EG Funds Management buy Canberra sites for $122m
Canberra property developer Amalgamated Property Group and Sydney-based group EG Funds Management have splashed out $122.5 million for four federal government office buildings and their corresponding landholdings, suitable for residential and commercial development.
APG has acquired ANZAC Park East, at the intersection of Constitution Avenue and Anzac Parade, and Block 8, Section 3, Parkes, for $34.3 million and $21.7 million respectively.
EG paid $51 million and $15.5 million respectively for Anzac Park West and East Block.
These are the Parliamentary Triangle’s original buildings, sold as part of a privatisation.
In September, another building, West Block, went to Geocon, which is planning to turn the historic building into a hotel.
APG, which is redeveloping Civic Quarter in the Canberra CBD, plans to redevelop the ANZAC Park East office building – vacant since 1997 – into a mixed-use precinct, which may include residential, commercial, restaurants, hotel, and retail spaces.
“We recognise the significance of these sites and the opportunity that is now bestowed on our group to create vibrant mixed-use developments, whilst also respecting its heritage status as a portal element in the vista from Parliament House to the Australian War Memorial,” APG general manager Phil O’Brien said.
“Our design principals will contribute to the activation of Constitution Avenue and will combine a balance of built form that will integrate with open landscaped areas, while creating a unique and prestigious development for locals and visitors to enjoy.”
East and West Block were designed by Old Parliament House architect John Smith Murdoch. It is understood the two buildings will be protected from demolition.
The derelict buildings on Anzac Parade will be demolished, a condition of sale.
Canberra is enjoying a spate of redevelopment and residential construction. Aside from APG’s Civic Quarter, Geocon is refreshing Canberra’s Woden Town Centre into a new $380 million apartment and office project.
