Big Splash officially goes on the market on Wednesday, June 17.
Colliers has been appointed to market the site.
The property will be sold with vacant possession and offered for sale via an expression of interest process closing at 3pm on Wednesday, July 22.
"We are running an EOI [expression of interest] process on behalf of the mortgagees and expect groups to evaluate the offering differently, given the unique offering and existing infrastructure," a spokesperson said.
The marketing campaign encourages potential buyers to consider a "range of future possibilities".
The ACT government has already ruled out rezoning the site for residential use.
The Big Splash site in Catchpole Street covers 1.303 hectares.
It is zoned PRZ2 Restricted Access Recreation. That zoning allows facilities including a motel, hotel, childcare centre and club to be built on the land, subject to a development application being approved. It also allows demolition and subdivision, again subject to a development application. The zoning expressly rules out residential use.
The lease currently allows an aquatic and indoor sports and recreation centre and an unlicenced family restaurant.
Colliers head of office capital markets and investment services ACT Matthew Winter is managing the sale, with colleagues Ollie White and Steam Leung.
"Big Splash has a long history as a well-loved recreation destination in Canberra and there is clearly strong community recognition of the site," Mr Winter said.
"This campaign presents an opportunity for purchasers to consider a range of future possibilities and build on the site's established presence and infrastructure."
The ACT government says the terms of the lease will include the new owner opening to the public the 50-metre pool at Big Splash by November 1, 2026. If the property is not sold by then, the current mortgagee still has to have the pool open by that date.
