Oceana Property Partners

PORTFOLIO

West Block Offices
21 Queen Victoria Terrace, Parkes, ACT, Australia

Office Precept Canberra

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 within Australia’s currently best performing office market and within its tightest sub-market, the Property represents a rare opportunity to deliver a prime grade asset regeneration 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

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.