- Comes as Canberra recorded 15,600sqm of net absorption in 4Q21 and 35,800sqm across 2021
- The ACT Government has leased out 100% of Allara House and Nara Centre
The regentrification of 28,000sqm of office and community space in the heart of Civic, Canberra is close to completion.
The announcement comes as Canberra recorded 15,600sqm of net absorption in 4Q21 and 35,800sqm across 2021. By 4Q21, Canberra’s office vacancy rate tightened to just 5.7%.
Previously called the Finlay Crisp Centre, the revitalised Central Village will be home to a campus style commercial complex that adjoins a mixed-use community space featuring ground floor retail.
A revitalised plaza, designed by AMC Architecture, will become the heart of the precinct.
Artifex and SC Capital have already secured a tenant – the ACT Government – for 100% of Allara House and Nara Centre. The 12-storey 5 Constitution Avenue will be available to lease in Q3 2022.
JLL is tasked with leasing out Central Village.
“Demand for premium office space is pushing record low vacancy rates, with Canberra having one of the lowest office market vacancy rates in the world. A-Grade stock that meets sustainability targets and building amenities is highly sought after – A-Grade vacancy currently sits at 2.8%,” said JLL’s Head of Office Leasing (ACT) Andrew Balzanelli.
“The refurbishment of Central Village, including its ground floor plane and plaza, will provide significant investment into Civic’s local businesses, and revitalise and activate the city’s edge on one of Canberra’s most important avenues.”
JLL’s Office Leasing Associate Director, Troy McGuinness, said the whole city block is undergoing a complete renewal.
“Adjacent to Constitution Place, the centrality of Central Village is second to none and will provide tenants with best-in-class accommodation and amenity,” he said.
“The Canberra office market has shown its counter-cyclical characteristics through the pandemic. We are seeing strong leasing enquiry from private sector organisations in the 300 to 500 sqm size cohort.
“We anticipate strong interest for 5 Constitution Avenue, given the impressive nature of the refurbishment and fantastic location.”
Artifex Partner Nick Timmins added that he was very pleased to see their vision coming together for the unique precinct.
“Ultimately it is the tenants that will benefit from such investment, amenity and connectivity and we look forward to making 5 Constitution Avenue home to tenants who have similar aspirational ambitions as us and our partners.”