The Canberra Times office in Fyshwick to be subdivided and sold following deal between ACM and developers

In late 2021, the masthead's staff relocated to new a office in Civic after more than three decades in the iconic Pirie Street site.

ACM, the owner of The Canberra Times, has entered into a deal to sell the 20,000-square-metre Fyshwick block to a joint venture between two Sydney-based property developers. The total sale price has not been disclosed.

The incoming owners intend to subdivide the land and are seeking a buyer for an 11,432-square-metre portion, or about 60 per cent of the site.

Known as block B, the site is classified as an IZ2 industrial mixed-use zone with its current uses limited to manufacturing and publishing. The site is mostly occupied by car parking, as well as five warehouse structures.

It is understood the main building, which housed The Canberra Times' newsroom, will be retained and refurbished by the new owners.

The developers intend to add storage and warehousing to the purpose clause of both parts of the block, which requires ACT government approval.

According to the listing, block B may also be suitable for bulky goods retailing, defence installation, offices or a scientific research establishment, subject to government approval.

Barton Commercial Property and Canberra Commercial are leading the expressions of interest campaign and have described block B as a "blank canvas" for developers or owner occupiers.

Brett Barton of Barton Commercial Property, who also handled the original sale between ACM and the developers, said the site was drumming up interest from within the industrial and warehouse sector.

"The location of the site - a prime,11,500-square-metre industrial site in the heart of Fyshwick - and being close to the major highway is a big bonus for this site," he said.

"Warehousing and logistics is a big mover right through Australia and this site has got all the attributes for that in the ACT."

Michael Ceacis of Canberra Commercial said strong sales performance in the commercial property market had driven "phenomenal interest" in the block.

"[We've had] very broad interest from Canberra developers and interstate multinational [firms], we also have investment funds that are looking at getting into the market," he said.

"We have had probably over 50 inquiries since we've gone live [with the listing]. It's just blown us away with the interest."

Recent commercial sales in Fyshwick include a tenanted, 21,100-square-metre commercial site at 16 Mildura Street, which sold for more than $24 million in 2021.

A 27,700-square-metre site at 11 Whyalla Street, Fyshwick also sold last year for $20 million.

MORE PROPERTY NEWS:

The Canberra Times began publishing on Mort Street in Braddon in 1926 before the printing press moved to Fyshwick in 1964. Editorial and advertising teams followed in 1987.

The Fyshwick printing press was decommissioned in 2020 prompting the newsroom's return to the heart of Canberra.

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