New Headquarters Accommodation, Department of Veterans Affairs

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Office
Advisory Services
$10 000 000 - $50 000 000
ACT
New Headquarters Accommodation, Department of Veterans Affairs

 Client   Department of Veterans' Affairs 
 Sector  Office
 Size  11,500m2
 Value  $20 million
 Timeframe     2013 - 2016
 Role  Property Consultant and Tenant Advocate

Knowing its current lease over the 20,000m² Lovett Tower in Phillip expired on 30 June 2016 with no option of renewal, in 2013 the Department of Veterans’ Affairs (DVA) approached Xact. As their space requirement had reduced to around 10,000m², DVA wished to test the market to determine their optimum long term accommodation solution.

Following the Department of Finance’s endorsement of the Cost Benefit Analaysis to market test the requirement, the expressions of interest responses were used as the basis to negotiate occupancy in the Australian Taxation Office’s building in Canberra's CBD under a Memorandum of Understanding. By planning to take occupancy in late 2015 a generous period was allowed for DVA to make good and terminate the Lovett Tower lease.

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