JLL market opportunity to acquire and develop a prime site within Canberra's transforming City East Precinct
News release
21 June 2023
Canberra's cultural epicentre expands with new land release
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SYDNEY, 22 June 2023 - A new land release by the ACT Government’s City Renewal Authority will position hundreds of workers and visitors in the world-class cultural district planned for the City Centre.
The 2743m2 block of vacant land – situated next to the ACT Legislative Assembly and Canberra Theatre Centre – will be home to a high-quality development potentially featuring office, hotel, and retail space.
City Renewal Authority CEO Malcolm Snow said the future development will contribute to the City Centre’s ongoing revitalisation.
“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,” Mr Snow 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 sale of this land is being managed by JLL, with agent Tim Mutton highlighting the opportunity it provides to developers.
“We are thrilled to bring to market this prime land in one of Australia’s most stable economies,” Mr Mutton 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.”
Section 19 Block 40 City is located on the corner of Vernon Circle and Constitution Avenue next to Constitution Place. Interested purchasers are invited to submit expressions of interest until 4pm on 24 August 2023.
The City Renewal Authority is also selling the prominent block of land opposite the QT Canberra hotel for office, hotel, retail, and residential accommodation.
Mr Snow said the latest land releases represent city-shaping opportunities given the national significance of the location.
“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.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.