The Capital Centre situated on Shea St Phillip has been sold to a progressive NSW investor group. The sale of the building was concluded on Wednesday 17th of March 2021 with the new owner keen to settle as early as possible.
The sale concludes Capital Business Park Holdings investment in the redevelopment of the old Telstra Holdings site. Starting in 2002 the project was one of the most complex redevelopments ever undertaken in the ACT with subdivision, site remediation and road construction, including a major new street and intersection to Athllon drive. Included was the development not only of the Capital Centre, a 4,400sqm, A- grade commercial 2 story building along with National Storage, formerly Capital Self-Storage and the Phillip Medical & Dental Centre.
The design of both the National Storage and Capital Centre shared common DNA and coincidentally was designed by DNA Architects. With the creation of Shea St, both buildings command significant presence as a gateway to the Phillip business district and set the narrative for other development in the area.
Capital Centre remains one of the very few modern NABERS rated commercial buildings in Phillip and features a 100+ underground car park, with energy-efficient green credentials.
“With energy-saving features combined with A grade tenants, Capital Centre has been a great investment, outperforming original expectations” Ian Oliver, Managing Director said.
“Capital Holdings manages a number of assets on behalf of investors and the recent Capital Centre sale galvanises direct property management in the ACT for the group. The challenge for the ACT commercial sector is to be able to juggle tenancies, incentives and ever-increasing ACT Government charges”. Mr Oliver commented.
The extension of the Tramway to Tuggeranong in time will provide additional impetus to the Phillip business district, combined with residential growth along the Athllon Drive corridor adding to the diversity and tenancy mix for Phillip businesses.