Abacus to sell off CSIRO headquarters

Dr Frank Wolf co-founded the Abacus Property Group.

Abacus Property Group has put the buildings that once served as the CSIRO headquarters in Canberra on the block with developers tipped to chase the well-located site and potentially build luxury apartments.

The science body has consolidated its Canberra sites into its Black Mountain Campus, and the 40,102sqm site in Campbell had already sparked interest from developers.

The Canberra inner city site housed the 6123sqm CSIRO headquarters and will be offered for sale with vacant possession.

The CSIRO site delivers the potential for purchases to add value through refurbishment or repositioning of existing buildings or larger scale redevelopment

The three interlinked buildings on site are valuable but could make way for a new scheme under a development control plan recently approved by the National Capital Authority.

This would allow the development of up to 60,000sqm of gross floor area and introduce a residential project.

Tim Mutton, national director of capital markets at Colliers International, says the site will attract developers seeking an asset with a commanding location and numerous avenues for adding value.

“The CSIRO site delivers the potential for purchases to add value through refurbishment or repositioning of existing buildings or larger scale redevelopment,” he says.

This article originally appeared on www.theaustralian.com.au/property.