Elouera Street Flats at 90 Northbourne Avenue, Braddon sold to developer Liebke & Co

The sale of Elouera Street Flats brings to an end more than three years of discussions, made more difficult by the building's unusual ownership structure.

Market sources indicate the sale price was in the mid-$10 million range.

The prime block spans about half an acre of land and has frontages to Northbourne Avenue, Elouera and Mort Streets.

The new owner, Rowan Liebke of Moruya-based Liebke and Co, is considering all redevelopment options for the site.

Mr Liebke, who was born and raised in Canberra, said it was a "once-in-a-lifetime" development opportunity.

"It is a bit of a lifelong achievement to secure a block like that," he said.

Initially there were plans for an A-grade, seven-storey green office tenanted by a "global tech giant", Mr Liebke said.

"I've had a dream for the block for probably 18 months now of bringing a green office asset to the market, which will be cross-laminated timber, gasless, probably the most technologically advanced building to the market," he said.

But demand for residential apartments in the ACT has the team considering all options.

"The home run for us is obviously apartments and we're pretty [ready] to launch a residential proposal of high-end apartments, but we are close as well in lodging an office proposal," Mr Liebke said.

"So we're just weighing up our options, looking at time horizons, talking with a few corporates."

Current leases have been extended and are expected to continue throughout the planning process.

The flats are one of few company-titled properties in the ACT. Different to the more common strata title, company title sees owners acquire a share in a corporate entity, or company, that owns the building.

An ASIC search revealed there were eight shareholders in the company, Elouera Flats Pty. Limited, which was registered in 1955.

Among the company's shareholders was real estate agent Peter Andrighetto and publican Michael Kouper.

The sale comes after more than three years of discussion between the shareholders and commercial real estate agency Colliers.

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Colliers director of capital markets Matthew Winter said the company title structure added a layer of complexity to the sale.

"With so many stakeholders it's not a straightforward single asset sale, so there is a lot of planning and preparation that is required and unanimous agreement between all the parties," he said.

The property was ready to launch to market when Liebke and Co put forward an appealing pre-campaign offer.

Mr Winter said the prominent block had attracted strong interest over the years.

"It's such a prominent location and the rest of the area has been gentrified quite well," he said.

"So there has been many approaches made to the owners over the years as you can expect."

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