Amalgamated Property Group has reportedly bought the site of a $300-million development set to change Canberra’s skyline.
Northbourne Square will be located next to Veterans Park in the city and will include three 11-storey commercial buildings joined by a central atrium, with retail and cafe spaces on the ground floor.
The Canberra developer behind Tuggeranong’s Louisa Lawson Building – which houses the Department of Human Services and was sold to Korean investors for $225 million in December – has reportedly snapped up the site for about $34 million from Walker Corporation.
The project will replace five existing buildings on the site between Northbourne Avenue and Cooyong, Bunda and Mort streets in Civic.
This includes the demolition of Myuna Complex, the former Australian Federal Police national headquarters. Veteran Park will remain at its existing location.
It is not clear if plans for the new buildings will be altered as a result of the sale.
The ACT Planning and Land Authority signed off on the proposal lodged by the Walker Corporation in February, 2014.
Demolition was due to begin once a tenant was secured for the development, which has been targeted at the government and corporate sectors.
The project was originally due to be completed in the 2017-2018 year.
It’s not the first time the site has changed hands, with Walker Corporation buying the land from previous owner Stockland.
Stockland’s original plan was for a $200 million-plus project comprising two office and retail towers of nine and 12 storeys.
The property group ditched the approved plans following a dispute with the ACT government over the controversial change-of-use charge and sold the land to the Walker Corporation in 2011.
