West Block Offices, 21 Queen Victoria Terrace, Parkes ACT

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A historic Australian property acquired for a price well below replacement cost.

Designed in 1925 and built in 1926-27, West Block was one of the first buildings purpose-built for Australia’s new democratic government. Located in Australia’s currently best performing office market and within its tightest sub-market, the property represents a rare opportunity to deliver a regenerated prime grade asset into a market lacking high quality office accommodation.

Property Features

Exchanged Date

November 2021

Property Type

Office

Net Lettable Area

8,145 sqm

Site Area

16,890 sqm

Car parking

Key Characteristics

Replacement costs: The 8,145 sqm building sits on a large 16,890 sqm block and has been acquired for a price well below replacement cost.
Location and precinct: The property is located in the Parliamentary Precinct, one of the best performing office sub-markets in the country. Prime vacancy in the Parliamentary Precinct is less than 3% with no new supply under construction as at July 2021.
Unique Offer: A heritage asset in the Parliamentary Triangle for commercial office use is rare. The two atriums, large lobby and the Manager’s upgrade works including a new EOT and a business centre, will elevate the project and is expected to be well received in the market.
Substantial adjoining public carpark: The property adjoins a substantial, government-owned carpark with over 300 bays. Including this carpark, the parking ratio would be approximately 1:23, a key competitive advantage in the Canberra office market.