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Australia : Sale of The Lobby set to revitalise the Parliamentary Zone.

The National Capital Authority (NCA) on behalf of the Commonwealth will open Expressions of Interest for the sale of The Lobby, 7 King George Terrace, from 10 February 2018.

The Lobby, which currently comprises of a restaurant and kiosk, is located within Canberras Parliamentary Zone, and forms part of the Commonwealth Heritage-listed Parliament House Vista.

NCAs Chief Planner, Andrew Smith, stated that the iconic building of historical significance has for over 50 years maintained a strong name widely recognised within the community.

This sale presents an opportunity for the private sector to invest in and reinvigorate a much loved Canberra landmark. Were eager to see a revitalisation of the space, which has the potential to continue to be a successful establishment in one of Canberras most prominent locations, said Andrew Smith.

The divestment of Commonwealth assets is not new in Canberra. Significant divestments include the former Hotel Canberra which is now the Hyatt Hotel Canberra, the previous Barton Cafeteria now the Ottoman Restaurant, and Hotel Acton, which is now the centre of the bustling NewActon Precinct. These examples highlight the success of private investment of former Commonwealth Assets.

The NCA assessed the heritage values of The Lobby and whilst not currently heritage listed, the NCA will continue to ensure that the heritage values are protected once the property is sold.

Once sold, the NCA and the Commonwealth will remain committed to protecting and preserving the heritage values of The Lobby as well as the Commonwealth Heritage listed landscape which it forms part of, said Mr Smith.

Any development of the property would still be subject to Parliamentary approval under the Parliament Act 1974, the provisions and covenants of the Environment Protection and Biodiversity Conservation Act 1999 and the National Capital Plan.

On behalf of the NCA, Civium Property Group will manage all Expressions of Interest for the sale of The Lobby, with the tender being released to market on 10 February and closing on 15 March 2018.

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Publication:Mena Report
Geographic Code:8AUST
Date:Feb 12, 2018
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