A large block of land in Nicholls next to Federation Square is on the market about two years after the owners purchased it from the government.
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The 2.17-hectare site, pictured, is located on the corner of O'Hanlon Place and Curran Drive at the tourist village of Gold Creek.
The Land Development Agency sold the site to Elvin Group for $2.9 million in May 2011, at an auction with four registered bidders.
The site was zoned for leisure and accommodation use.
The buyers of the block lodged a development application to build a hotel on the site at the end of 2011.
The ACT Planning and Land Authority approved the construction of a four-storey building containing 120 serviced apartments in August last year.
There is also approval for 2000 square metres of mixed-use arts craft, retail, fast food and restaurant space at the site.
Now the joint venture team has decided to sell the vacant land with the pre-approved hotel. CBRE Canberra managing director Andrew Stewart said the owners had held different ideas on how to develop the site and would now sell it through an expression-of-interest process. He confirmed Canberra companies Elvin Group and Construction Control had decided to sell.
Elvin Group was the local construction company that purchased the Kamberra Wine Company on Northbourne Avenue in 2007.
The Nicholls land, which hit the market on Tuesday, is expected to attract strong interest and is anticipated to sell for more than $3 million.
''It's a bit of an interesting one, it's got a bit of flexibility with it,'' Mr Stewart said.
The approved hotel project was initially under scrutiny from the National Capital Authority.
A development control plan for the Gold Creek tourist area had included the block and the authority did not support the proposal.
But an amendment to the control plan, sought by the lessee of the land, had the Nicholls block excluded. Expressions of interest are being accepted until October 1.
