Breaking ground: Capital Property Group head of property Richard Snow, Chief Minister Andrew Barr, Canberra Airport Group CEO Stephen Byron and City Renewal Authority CEO Craig Gillman do the honours at the site on Vernon Circle. Photo: Ian Bushnell.
Work has started on the new state-of-the-art office tower on Vernon Circle that will complete the Capital Property Group’s Constitution Place precinct.
The $150 million, seven-storey project will sit on a small block of land on the corner of Constitution Avenue and Vernon Circle.
The Snow family’s Capital Property Group bought the 2743 sqm block last year through a government tender for $17.75 million.
The building will deliver 14,000 sqm of high-grade office space to the CBD to meet ongoing demand for quality accommodation from the private and public sectors.
Vernon@Constitution Place aims to maintain the high architectural and construction standards set by Constitution Place. It will again be designed by Bates Smart and built by Canberra firm Construction Control.
Sustainability will be a key feature, with plans to achieve a WELL Gold-rated Shell and Core and a 5-star NABERS energy rating.
It will also feature a 99 kW roof-mounted solar array and be an all-electric operation, making the building 100 per cent carbon neutral.
Head of property Richard Snow said at a sod-turning ceremony on Monday that part of the building structure and fabric would use sustainable timber, which meant that the structure would contain about 15 per cent less concrete than normal construction.
Mr Snow said this hybrid timber construction would mean that at the front of the office space, occupants would see exposed timber on the inside.
He said the building would complement the precinct at Constitution Place and enhance the CBD.
“It’s exciting for us to be able to extend the precinct and create a premium office building here on this location and which really will reinforce the CBD as the logical place for business in Canberra,” he said.
Mr Snow said the building would have a very large flexible floor plate that would allow tenants to have a flexible workspace fit-out.
“What we’re seeing is that tenants really want to have a new generation of workplace and fit-out design,” he said.
Being sited on a corner, it would also allow natural light to flood in from all sides.
On the ground floor, a cafe and other hospitality would also make it attractive for tenants and enhance the precinct further.
Mr Snow said tenants wanted to be sustained by their work environment and surrounds.
He said the building was not tenanted yet, but it would probably suit the private sector.
Capital Property Group is putting its stamp on the city, with development plans underway for the multi-building project at the Law Courts car park.
Mr Snow said the group was hoping to get NCA approval for the basement component by the end of the year.
“We’ve always been committed to developing and fostering the Canberra CBD,” he said.
“It’s been a key focus of the history of our company.”
Chief Minister Andrew Barr said this part of the CBD had been transformed and the new building would only add to the the vitality of the precinct.
It would also continue with the Canberra Theatre Centre renewal and expansion.
“The number of different uses and the number of different tenants will reinforce this part of our city as a premier area for investment for people and for economic activity,” he said.
The new office tower will take two years to build.
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