The 24-storey building at 5 Keltie Street, Phillip has been listed for sale with a price guide of $28 million.

It was formerly touted as the tallest building Canberra, however Geocon's 27-storey High Society tower in Belconnen snatched the title in 2020.

Lovett Tower's current owners, Brite Developments, last year revealed plans to redevelop the building into student accommodation to service the upcoming CIT campus nearby.

A development application has since been approved for a build-to-rent complex with up to 299 apartments on the site.

New owners could also seek further council approvals to increase the height of the building by up to four stories.

At 28 storeys, it would once again be the tallest building in Canberra.

A spokesperson for Brite Developments said a renewal of the Lovett Tower allows for "significant savings over a complete knockdown rebuild", which could cost around $20 million.

"The DA has been approved with indicative floorplans, underlying construction costs and an analysis of profitability for 262 built-to-rent apartments," they said.

"Alternately, if a purchaser considers they can achieve greater upswing from an improved internal configuration, they can completely amend from level six upwards."

Plans released by Brite Developments last year also indicated the first five levels would be turned into car parks, adding 86 spaces to the 17 currently in the building.

Artist's impressions of the development illustrate a series of ramps would be constructed on the western side of the building to facilitate the additional parking areas.

Other commercial options for the property include adding serviced apartments or hotel accommodation.

Lovett Tower has been home to various government departments since it was built in the 1970s.

However the offices have sat vacant since the Department of Prime Minister and Cabinet and Veterans' Affairs moved on in 2016.

At one stage, previous owners floated plans to turn the building into an aged-care facility.

Woden Valley Community Council president Fiona Carrick said she had concerns about a large residential development so close to the town square.

She said she would prefer to see at least the first few floors opened up for public use, rather than taken up by car parking spaces.

"We so desperately need to activate the area," she said.

"I'd like to see the ground floor active with cafes and restaurants and bars, like a Verity Lane [Market, in Civic] type of thing.

"I'd like to see the first, second and third floors active for community groups, arts and culture."

MORE PROPERTY NEWS:

Ms Carrick said she would love to see the ACT government acquire the property to house their directorates, although admitted it was more likely to be a private buyer.

Build-to-rent development proposals are becoming more prevalent in the ACT.

The term refers to residential developments where all units are held in single ownership and rented on a long-term basis, as opposed to individual owners leasing to tenants.

Last month, Canberra developer HPI confirmed plans to convert its upcoming Gungahlin residential project into a build-to-rent model, while Evri Group has submitted a development application for 447 build-to-rent apartments on Northbourne Avenue.

Expressions of interests are currently open for the sale of Lovett Tower, which is being brokered by Burgess Rawson Canberra.

Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: