City Renewal Authority releases land, section 19 block 40 City, near City Hill

The 2743-square-metre block, section 19 block 40 City, is located on the corner of Vernon Circle and Constitution Avenue.

It will possibly feature office spaces, hotels and retail opportunities as part of the "revitalisation" of the city, chief executive of the City Renewal Authority Malcolm Snow said.

"This land release will contribute to the Canberra Civic and culture district, which will be transformed into a premier performing arts destination in the coming years," he said.

"It will locate more employment in the heart of the district and have important flow-on benefits for local business, as well as locals, workers, and visitors in our city centre.

"The future development will also take advantage of current ACT government key infrastructure projects including the extension of light rail, the planned 2000-seat Canberra Theatre Centre, the Garema Place upgrade and the new Acton Waterfront neighbourhood."

The block's location next to the Canberra Theatre, as well as the Legislative Assembly, will play a role in upgrading the "world-class cultural district" in the city centre, a statement from the Authority said.

The sale of the land will be managed by JLL, and interested purchasers for the area can submit expressions of interest until August 24, 2023.

Chief executive of JLL Tim Mutton emphasised how the prime location of the block will likely attract developers, potentially from all over the world.

"We are thrilled to bring to market this prime land in one of Australia's most stable economies," he said.

"From its national institutions and diverse economy to government offices and world-class universities, Canberra is a thriving city attracting strong investment from national and international developers.

"This is a chance to become part of its exciting future."

The land release follows another near the QT Canberra hotel, which was also earmarked for potential office buildings, hotels and retail opportunities.

That block, almost 19,000-square-metres in size, has frontage along London Circuit.

It also has capacity for around 500 dwellings on site with recommendations for affordable housing options.

"These land releases will attract high-quality, sustainable developments in the city centre that directly support Canberra's growing population and its position as the city's premier centre," Mr Snow said.

A price guide has not been given for either site, but a 16,303-square-metre block on Northbourne Avenue in Turner sold at auction in 2022 for $59.3 million, giving a bit of an idea what the cost of larger site could come to.

It authority is also in the process of finalising a sale of block 40 section 100 City, an 11,380-square-metre plot that will be developed into an 11-storey office block.

Sources indicate the sale price for that block was likely between $60 million and $65 million.

We've made it a whole lot easier for you to have your say. Our new comment platform requires only one log-in to access articles and to join the discussion on The Canberra Times website. Find out how to register so you can enjoy civil, friendly and engaging discussions. See our moderation policy here.