EG Funds has successfully completed the sale of 1 Queen Victoria Terrace, Parkes ACT a nationally significant, heritage-listed office asset in Canberra’s Parliamentary Zone, for $23.5 million. The transaction delivered a return to investors exceeding the Delta ESG Fund’s financial and ESG benchmark.
The iconic multi-level building, originally constructed in 1926, has been home to the Commonwealth of Australia since 1927 and is currently fully leased to the AAA-rated government tenant, represented by the National Archives of Australia.
EG acquired the property in January 2018 and undertook a targeted ESG-focused capital works program, resulting in a substantial uplift in the building’s sustainability performance. This investment elevated the asset’s NABERS Energy rating from 1-star to 4.5 stars, demonstrating EG’s commitment to driving long-term environmental and financial outcomes for its investors.
“1 Queen Victoria Terrace exemplifies EG’s ability to unlock value in core-plus assets while enhancing sustainability credentials,” said Roger Parker, Managing Director at EG Funds. “The building’s transformation is a testament to our ESG-led investment approach, balancing heritage conservation with environmental performance.”
The sale campaign, led by Tim Mutton of JLL, attracted strong interest from a diverse pool of buyers, including local investors, family offices, syndicators, and fund managers, drawn to the asset’s blue-chip location, quality covenant, and enduring historical significance. The property was ultimately acquired by a private Melbourne-based investor, marking their first acquisition in Canberra.
James McAdam, Fund Manager, Delta ESG Property Fund, added, “We are pleased with the outcome for our investors, delivering solid returns while elevating the asset’s environmental and social credentials. This transaction reflects EG’s disciplined investment strategy and ongoing commitment to sustainable value creation.”
1 Queen Victoria Terrace is one of only two privately held office buildings within the ACT’s Parliamentary Zone, adjacent to Parliament House and key government agencies. The area continues to benefit from significant infrastructure and security investment, reinforcing its status as the nation’s civic and political heart.
