Canberra's $90 million A-Grade office redevelopment is nearing completion

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

JLL’s Head of Office Leasing (ACT), Andrew Balzanelli and Office Leasing Associate Director, Troy McGuinness have been exclusively appointed to lease Central Village at 5 Constitution Avenue, Canberra.

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

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

Mr Balzanelli said, “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 Mr Balzanelli.

Canberra recorded 15,600 sqm of net absorption in 4Q21 and 35,800 sqm over 2021. The Canberra vacancy tightened to 5.7% in 4Q21.

Mr Balzanelli said, “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.

The revamp of 5 Constitution Avenue will comprise of 12,047 sqm (Net Lettable Area) of A-Grade space across 12 floors, featuring a 4.5-star NABERS Water and Energy ratings and state-of-the-art services, amenities, natural light, and views across the city, Lake Burley Griffin and the Brindabellas.

Mr McGuinness said, “The whole city block is undergoing a complete renewal, redeveloping the landmark towers at one of Canberra’s most iconic destinations. Adjacent to Constitution Place, the centrality of Central Village is second to none and will provide tenants with best-in-class accommodation and amenity.

“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,” said Mr McGuinness.

Artifex Partner, Nick Timmins said, “We are very pleased to see our vision coming together for what is a unique precinct in Canberra’s Civic. 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.”