The regentrification of 30,000 sqm of office and community space in the heart of Civic is driving significant leasing success, in a market starved of high-quality office space.

SC Capital Partners and Artifex are behind the $90 million major A-Grade office redevelopment, which was completed in December 2022.

JLL’s Andrew Balzanelli and Troy McGuinness have been exclusively appointed to lease Central Village.

Previously known as the Finlay Crisp Centre, the revitalised Central Village is an example of a global leading ‘place making and adaptive re-use project’ with a central pavilion and connected ground floor combining quality food and beverage, fluid meeting places and aspirational commercial space above.

The ACT Government occupy two of the three buildings, Allara House and Nara Centre, translating to approx. 20,000 sqm of space. Positioned in the centre of the Village is 5 Constitution Avenue – a 12-storey landmark tower.

Mr Balzanelli said, “The new Central Village has been well received from local, national and international corporates, given the impressive nature of the refurbishment, surrounding amenities and its location. The final building is currently 50% under offer, with strong active interest in various suites and floors. A number of organisations have signed and agreed terms, ranging from legal, financial services and insurance groups.

“Demand for quality A Grade office space continues to drive occupancy rates with the current vacancy rates for Canberra A-Grade buildings, sitting at 5.1%. This high-quality refurbishment exceeds private enterprise expectations, and the aspect of the building offers mountain, lake and city views, with park-like boulevard outlooks from the lower floor,” said Mr Balzanelli.

Artifex Partner, Nick Timmins said, “SC Capital Partners and Artifex Property Group’s mandate is to demonstrate high sustainability can apply to older assets with clever adaptive re-use design to become ‘best in class’ for the end users.  The focus is on the global thematic of ‘liveability’ for commercial assets.  The ACT Government has also been very progressive in supporting this approach.

Mr McGuinness said, “The redevelopment has quickly become a destination for businesses seeking premium office space in the heart of Canberra, and its impact is being felt positively by the wider precinct and business community. The refurbishment of Central Village, including its ground floor plane and plaza, has already provided significant investment into Civic’s local businesses, revitalising and activating the city’s edge on one of Canberra’s most important avenues.”

Renowned café Two Before Ten has been secured to operate two sites in the revitalised ground floor plane and plaza, which will further enhance the social heart of the precinct.

Mr Balzanelli said, “The repositioning of the immediate vicinity has brought up the liveability for everyone in the complex and nearby neighbours, and has boosted amenity to the Eastern City precinct, the administrative heart of the city.”