A Parliamentary Triangle office block that has sat vacant for almost two decades will finally be sold, finance minister Mathias Cormann has confirmed.
Anzac Park East will be sold alongside Anzac Park West by mid-next year as past of the federal government's push to divest in ageing office buildings.
The Department of Finance has submitted a referral to the Department of Environment and Energy to gain pre-approval to redevelop the office blocks, Senator Cormann said.
"The sale of Anzac Park East and Anzac Park West represents an opportunity to redevelop the buildings and contribute to the revitalisation of the Constitution Avenue precinct, consistent with amendments to the National Capital Plan," he said.
The sale of the twin buildings was flagged last year, alongside East Block and West Block.
The government provided funding to the Department of Finance to kick-start to the divestment of the four general office accommodation buildings, but Senator Cormann said a final decision on whether or not to sell East and West block had not been made.
The Treasury and John Gorton buildings were put out to market interest at the same time but were handed a stay of execution last year.
The Department of Defence has occupied Anzac Park West since 2009, while Anzac Park East has been vacant for more than 18 years.
A Department of Finance spokesman said they were currently preparing the buildings to be sold.
Anzac Park East is understood to be in a state of disrepair and contaminated with asbestos, which is why it has remained empty for so long.
At 12,500 square metres, Anzac Park East is the smaller of the two buildings. In the five years to 2014, the federal government spent $1.6 million on its upkeep.
The 15,000sq m Anzac Park West site was tendered for a fit-out to the tune of more than $315,000 in April.
Flanking Anzac Parade, the two buildings are within a stone's throw of Lake Burley Griffin, between Parliament House and the Australian War Memorial.
Changes to the National Capital Plan would allow the sites to be rezoned for future use to allow for hotels, offices, health centres and ground floor retail and childcare.
"The sale will enable more varied development on these sites, subject to protection of the Anzac Parade vista to Lake Burley Griffin," Senator Cormann said.
Expressions of interests will be welcomed from early 2017 with the sale expected to be finalised by mid-2017.