Senator the Hon Mathias Cormann

The Government continues to ensure that the Commonwealth's property portfolio is appropriate to its expected needs and maximises value for taxpayers.

Last year, the Government tested the market for investor interest in a number of Commonwealth properties in Canberra.

After careful consideration, the Government has made a decision to progress the sale of two of the properties:

• Anzac Park East; and
• Anzac Park West.

The Department of Finance has submitted a referral to the Department of Environment and Energy seeking pre-approval for the redevelopment of Anzac Park East and Anzac Park West.

The sale of Anzac Park East and Anzac Park West represents an opportunity to redevelop the buildings and contribute to the revitalisation of the Constitution Avenue precinct, consistent with amendments to the National Capital Plan.

The sale will enable more varied development on these sites, subject to protection of the Anzac Parade vista to Lake Burley Griffin.

It is anticipated that the sales process will commence in early 2017 with expressions of interest and conclude in the first half of 2017.

The Government is still considering the results of market testing before making a decision on the two other properties, East Block and West Block identified for sale as part of the 2015-16 Budget.