The existing building will be torn down in February 2017 to make way for the as yet-to-be determined development on the 1000 square metre site, currently zoned for leisure and accommodation.

The site will be sold next year under the existing zoning, which means a two-storey limit on buildings and use limited to accommodation, bars or restaurants, or club facilities, the Land Development Agency said.

LDA chief executive David Dawes said potential developers have been asked to show how their plans would help "build a foreshore precinct consistent" with the Belconnen town centre master plan, promote activity in nearby spaces and minimise impact on neighbours.

The development must "generate a lively, vibrant atmosphere in adjacent public open space, particularly the Emu Inlet Park", the evaluation criteria says.

It must demonstrate how the site will be integrated with the proposed Emu Bank lakeside promenade outlined in the master plan.

The proposal must also address impact on traffic and parking.

These criteria were developed together with the neighbouring Belconnen Arts Centre, Lake Ginninderra Sea Scouts and the Belconnen Community Council, Mr Dawes said.

Once the the expressions of interest period for the Belconnen lakeside site, close on February 16, 2107, the government will short-list developers who will be invited to submit a tender.

Mr Dawes said the government would maintain ownership of parts of the site, including the jetty, the mature trees south of Evelyn Parker Place and the retaining wall around the lake edge.

"Any new owner will be required to provide public access to the lake," he said.

The ACT water police - a team of officers first launched in 1969 - are now based on the lake at Alexandrina Drive in Yarralumla.

The former water police site in Belconnen was more recently used by MakeHackVoid, a community "makerspace", where people could meet and workshop, which has since moved to Giralang.

Settlement of the site is expected in late June 2017.

The sale is part of the ACT government's 2016/17 land release program set to generate about $630 million in revenue.