The Government has confirmed that the West Block building in the Parliamentary Triangle will be sold for $6.25 million to a subsidiary of the Geocon Land Holding Group, NG Landholdings Hotel Pty Ltd.
This decision to sell the West Block building to Geocon follows the successful completion of a tender process.
Geocon is an established property developer in Canberra, with a sound track record of construction and management of hotels in the Canberra region.
Geocon plans to restore the heritage-protected façade and redevelop the interior to transform the West Block building into a boutique hotel.
The successful sale of the West Block building is part of the Government’s ongoing efforts to ensure the Commonwealth’s property portfolio is appropriate for expected future needs and maximises value for taxpayers.
The Government continues to progress sale processes for the Anzac Park East, Anzac Park West and East Block buildings.
Private investment presents an opportunity to revitalise all these property and ensure the significant heritage values are retained.
Heritage values will be protected through covenants and provisions included in the Sales Contracts and Crown Leases.