$90 million A-Grade Canberra office redevelopment nears completion

CANBERRA, March 29, 2022 – Revitalized as Central Village, the regeneration of 28,000 m² of office and community space in the heart of Civic is nearing completion.

JLLs Head of Office Leasing (ACT), Andrew Balzanelli and Office Leasing Associate Director, Troy McGuinness are exclusively appointed to lease Central Village at 5 Constitution Avenue, Canberra.

Formerly known as the Finlay Crisp Centre, Central Village will deliver a leading campus-style commercial complex adjacent to a mixed-use community space with retail outlets on the ground floor. Central Village is home to three office buildings (Nara Centre, Allara House and 5 Constitution Avenue) bordering a landscaped courtyard designed by AMC Architecture – a revitalized plaza that will become the social heart of the district.

Artifex and SC Capital have already secured ACT Government 100% of Allara House and Nara Centre, with 5 Constitution Avenue available for lease upon completion of refurbishment in Q3 2022. In the center of the village is 5 Constitution Avenue – a 12- monumental storey tower, home to renovated A-Grade office space.

Mr Balzanelli said: “Demand for high-quality office space is driving record low vacancy rates, with Canberra having one of the lowest vacancy rates in the office market in the world. A-Grade stock that meets sustainability targets and building amenities is in high demand – A-Grade vacancy rate is currently at 2.8%,” said Mr Balzanelli.

Canberra registered 15,600 m² net absorption in 4Q21 and 35,800 m² in 2021. Vacancy in Canberra decreased to 5.7% in 4Q21.

Mr Balzanelli said: “The refurbishment of the Central Village, including the ground floor and plaza, will generate significant investment in Civic’s local businesses and will revitalize and activate the urban fringe on one of Canberra’s main avenues.

The renovation of 5 Constitution Avenue will consist of 12,047 sqm (net leasable area) A-class space spread over 12 floors, with a 4.5-star NABERS Water and Energy rating and state-of-the-art services, amenities, natural light, and views about town, Lake Burley Griffin and the Brindabellas.

Mr McGuinness said: “The entire city block is undergoing a complete overhaul, with the landmark towers being redeveloped in one of Canberra’s most iconic destinations. Adjacent to Constitution Place, Central Village’s central location is unmatched and will provide renters with the finest accommodations and amenities.

“The office market in Canberra has shown its counter-cyclical characteristics due to the pandemic. We see strong leasing requests from private sector organizations in the 300 to 500 sqm cohort. We expect great interest in 5 Constitution Avenue, given the impressive nature of the renovation and the fantastic location,” said Mr McGuinness.

artifex partners, Nick Timmins said: “We are delighted to see our vision come together for what is a unique area in Canberra’s Civic. Ultimately, it is tenants who will benefit from such investments, amenities and connectivity and we look forward to making 5 Constitution Avenue a home for tenants who share the same ambitious ambitions as we and our partners.”