One of Canberra's oldest and most significant buildings has already attracted international interest after just two days on market.
West Block, at 21 Queen Victoria Terrace in Parkes, is one of three remaining buildings from when the Federal government was established in the capital.
It hit the market this week and Colliers' Paul Powderly, whose team is selling the property alongside Cushman and Wakefield, said overseas buyers had already been taken through.
"With the changing dynamics of the marketplace with interest rates [likely] to start coming off early next year, there has been strong interest from overseas groups," he said.
Property syndicates from across Australia had also shown interest.
The property is heritage listed but almost $45 million worth of works has brought it up to A-grade office level.
Mr Powderly described the works as a "massive overhaul", which included an upgrade of all lighting, electricals and bathrooms, updated emergency services access and the tenants' fit out.
All of that had to be done without impacting on the "heritage values" of the building.
But the property was now an ideal buy for the next owner, with "no capital expenditure required", Mr Powderly said.
Approval has been granted for a pavilion on the site, allowing more floor space for tenants.
West Block is expected to sell for around $70 million via an expressions of interest process.
The Department of Parliamentary Services have signed an 11-year lease for the site, beginning this month, which will provide an annual next income of about $4.3 million.
The department was previously based out of Parliament House and will now be moving 400-metres away, still within the Parliamentary Triangle.
Mr Powderly said given the amount of investment in refurbishments at West Block - including an allocated $15 million of government money - the lease was likely to be renewed for up to 20 years.
Following this, he said land on the 1.7-hectare site, governed by the National Capital Authority, could potentially be used for a hotel or other commercial uses.
"Down the track, you could vary the Crown lease to build a hotel, an embassy, anything," Mr Powderly said.
It is not the first time the idea of a hotel has been floated for the historic site, which was once the prime minster's office.
It was used by John Curtin to communicate with Winston Churchill during World War II and has had a busy history since.
Geocon bought the property 2017 with intention to convert the office block into a boutique hotel.
But the property was sold to Oceana Property Partners in 2022 for $24.5 million.
Expressions of interests for West Block close on November 14 at 12pm.
