The 7640-square-metre block on Allara Street has unrestricted residential uses and is zoned for offices, retail and a hotel. The building has a height control limit of 25 metres and a 96 metre frontage to London Circuit.

Geocon did not reveal any plans for the site, but managing director Nick Georgalis said the "blue-chip" block would be redeveloped with a "landmark building".

"Positioned just a stone's throw from Lake Burley Griffin, the site allows for a range of development opportunities focused on residential, with some mixed commercial," he said.

"The development will offer views of Lake Burley Griffin from the city, including an unrivalled scope of the lake to the east."

Mr Georgalis said if approvals move as expected, construction will start next year.

The site was previously owned by the federal government and was home to the Werriwa Training Depot. Army reserve units and cadets used to be based at the site. Most of the block is taken up by a car park.

Geocon beat out nine other bidders for the Allara Street site, selling agency Savills Australia said. Savills ACT managing director Andrew Stewart said the site was underpinned by its location and that it allowed for a variety of uses.

"Stage one of the Capital Metro Light Rail, the planned Civic to Woden Light Rail stage two route, ACT Law Courts and the new ACT government headquarters. All of these projects are located within a 10 minute walk of 70 Allara Street," he said.

"No gross floor area restrictions will ensure Geocon can create a landmark design and maximise the final development yield."

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The development would join a string of others in the works on Allara Street.

Last year, hotel giant Meriton unveiled plans to build a 250-room hotel on 40 Allara Street.

Morris Property Group has also redeveloped two blocks on the street, with its adjoining projects Park Avenue and Highgate.

The Allara Street acquisition came as Geocon released plans for the redevelopment of a site in Giles Street, Kingston.

Mr Georgalis said the site was purchased earlier this year for $5.65 million.

Pre-development application community consultation for the project on the Kingston site, which formerly housed a Commonwealth Bank, has opened this week.

There would be 106 apartments for in the proposed eight-storey building, as well as ground floor commercial tenancies and basement parking.

Documents prepared by Purdon Planning said the 1981-square-metre site would have a primary frontage to Giles Street but would also be accessible from a rear laneway off Eyre Street.

It has been presented to the National Capital Design Review Panel on two occasions.

The build would be designed by architects Turco & Associates and Mr Georgalis said construction commencement was planned for this year. A development application was expected to be lodged in July.

"Geocon's ambition for the site is to building consistently and sympathetically with the surrounding buildings in Kingston," he said.

"We'd like to renew and rejuvenate old Kingston with consideration of the rest of the area."