The commercial holdings in New Acton's Nishi building have sold for $256 million to a real estate trust fund.
The two towers, which include a 10-storey office block and a hotel and cinema, were sold to Centuria Metropolitan Real Estate Investment Trust (CMA).
Along with the Nishi building, the two-storey heritage New Acton pavilion was listed for sale. The three assets had a combined indicated selling price of more than $330 million.
New Acton precinct developer Molonglo placed the commercial holdings on the market last month to focus on its new project at Dairy Road in Fyshwick. The Canberra-based developer had intended to sell the three buildings together but Molonglo director Nikos Kalogeropoulos told The Canberra Times in November there was "flexibility" around that.
CMA is a pure-play office fund, and fund manager Grant Nichols said the heritage pavilion was not within the fund's "wheelhouse".
"The fund that has bought this is just an office fund, whereas the New Acton pavilion although it had some office component I would argue it is more hotel and restaurants, there is more of a retail feel," he said.
Mr Nichols said the fund was attracted to the buildings because of its income generation.
"It's a very high quality building, in our opinion it's arguably the best building in Canberra," he said.
"The fund that has bought Nishi is a listed real estate trust and the primary objective of that fund is to pay sustainable income returns to its investors so we are seeking to hold this property for the long term.
"Nishi provides excellent amenity for the New Acton and Civic precincts while the large floorplates create an efficient design that can incorporate a range of government or corporate tenants."
There are about 1200 workers across 30 businesses in the New Acton precinct.
Some of the tenancies in the Nishi buildings sold include Palace Electric Cinema, Ovolo and the soon to be defunct Department of Communications and the Arts.
Mr Nichols was not sure as to what will happen with the department when it will be merged with transport, infrastructure and regional development.
"I'd only be guessing as to what the outcome is. Our understanding is there wouldn't be alternate accommodation to house when they merge, with infrastructure, to house that entire department," he said.
CMA has previously bought 54 and 60 Marcus Clarke Street.
The sale marked the end of a 24-year run for Molonglo. The Canberra developer purchased the prime Canberra site in 1996 and built the site into a residential, retail and commercial precinct over 20 years.
There are seven buildings in the New Acton precinct that are linked by courtyards and garden.
Molonglo targeted buyers they thought would best carry on the precinct.
"Bringing Nishi to fruition has been more than a decade of intense work for Molonglo and the decision to sell it has been a difficult one," Molonglo creative operations director Dan Honey said.
"We are satisfied we have found the right purchaser in Centuria to steward Nishi into the next decade."
Molonglo have retained the residential apartments.
JLL Canberra agents brokered the sale with support from Colliers International ACT.