Canberra Times building reported to be for sale

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Canberra Times HQ. Photo: Supplied

A PROPERTY sale for a traditional piece of the Canberra media landscape that has been on a cusp of a deal over the past two years could soon be finalised. 

It is one of two options for the Canberra Times premises, according a report in the Sydney Morning Herald, which could also be a renovation of its two-hectare building.

But its on the cards that the home of the daily newspaper in Pirie Street at Fyshwick is set to be sold off next after its parent company, Australian Community Media, recently parted ways with its former Ballarat print site.

ACM owners Antony Catalono and Alex Waislitz have recently made deals with NewsCorp to print ACM newspapers at a more cost-effective price.

The location of the Ballarat Courier was rumoured to have been sold for around $6 million, adding to the $20 million in asset sales that ACM have profited from after paying out $115 million for the former Fairfax business.

The deal made two and a half years ago after the Nine network merged with Fairfax before off-selling its regional and rural publications together had presented a valuable portfolio of media real estate for ACM.

The headquarters of “The Canberra Times” had been considered the crown jewel of the sale.

The Fyshwick offices were estimated to be worth $20 million in 2018.

Zoning for the oversized site is for industrial mixed use, limiting a sale to either retail shops or of similar commercial uses.

The current lease is restricted to manufacturing, printing and publishing magazines and newspapers.

The printing plant was established in 1964 before editorial, sales and administration staff relocated from Mort Street, Civic, 23 years later after the inner-city property market went through the roof.

 

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