Part of the New Acton precinct is looking for a new owner with Molonglo selling off most its commercial holdings, for an indicated sale price of more than $330 million.
But instead of opening it to the wider market to the highest bidder, precinct-developer Molonglo and selling agents JLL Canberra have been targeting buyers who they think will best carry on the precinct.
Among the sale is two of the three towers in the Nishi complex - the 10-storey office block and the hotel and cinema - as well as the two-storey heritage New Acton Pavilion. None of the residential apartments are being sold.
Some of the tenancies in the buildings for sale include the Department of Communications and the Arts, Palace Electric Cinema and Ovolo Hotel.
It comes as last year, Molonglo offloaded the running of the Nishi hotel to the Ovolo brand, under a long-term leasehold deal for $40 million.
Molonglo director Nikos Kalogeropoulos said the precinct was "more than just bricks and mortar", hence the deliberative sales process.
The three are being offered together as a precinct via an expressions of interest campaign, but Mr Kalogeropoulos said there could be the possibility of selling the heritage-building separately.
"There is some level of flexibility but the best outcome would be to get the best landlords who will continue the work and invest the time, effort and money into New Acton," he said.
"We have been quite deliberate in identifying those people who we think have the capacity but also have demonstrated ability to manage a precinct like this.
"[It] isn't about running a process that goes to the highest bidder, this is about running a process to find people or entities who we think would be most qualified and are best placed to continue the ownership."
Molonglo purchased the prime Canberra site in 1996. At the time, it housed the heritage-listed former Acton Hotel, along with other smaller, derelict buildings.
Over the next 20 years, Molonglo built the site into a residential, retail and commercial precinct that spanned seven buildings with linking courtyards and gardens.
There are about 750 residents in the precinct, with 30 businesses accommodating 1200 workers.
"For us New Acton was an experiment in city making and contributing to the building of Canberra," said Mr Kalogeropoulos.
"That involved more than just bricks and mortar, that involved strong, interesting relationships with people over time who have worked at New Acton, have come to call it home, or those just visiting."
Post sale, Molonglo will turn its attention to their 14-hectare Dairy Road project in Fyshwick, set to take shape over the next 10 to 15 years.
"It will continue the shaping of what Canberra is and what Canberra wants to be and for us that's the really exciting part of Dairy Road," added Mr Kalogeropoulos.