The newly-founded investment management firm plans to revitalise West Block and relaunch it as an A-grade commercial office asset with premium end-of-trip facilities, a café and bike storage.
Built in 1926, West Block is located within the Parliamentary Triangle and house the Prime Minister’s department during the Second World War.
Oceana Property Partners CEO Grant Traub said Canberra’s low office vacancy rate coupled with the building’s heritage aspects were attractive factors for the firm.
“This building captured my imagination. You just look at it and you appreciate the grandeur of what it was, what it is and what it could become,” he said.
“We really appreciate the stability of the occupier market and the quality of the tenant covenants in Canberra and we thought it’d be a great opportunity to regenerate the asset and effectively bring it up to an A-grade commercial office building.”