Located at 131 City Walk in Canberra's centre, the six-storey building is leased by businesses including King O'Malley's Tavern and Supa 24 convenience store, and was acquired on behalf of a "high net worth family" by investment manager Intergen Property Group.

About $500,000 has been budgeted for upgrades to the facade and common areas of the building, Intergen Property Group managing partner Dennis Kalofonos said.

"We plan to create fresh new entries on Mort Street and City Walk, while revitalising the profile of the iconic building as the city emerges from the COVID lockdowns, which impacted heavily the businesses in the city centre," he said in a statement.

Mr Kalofonos said the foot traffic through the area and ideal location had driven the purchase.

"We also looked at the buildings across the road, which were never going to be redeveloped - the Sydney building and the Melbourne building - so the view lines across those are always going to be maintained," he said.

"So we're very happy with that."

The group is committed to holding onto existing tenants, Mr Kalofonos said.

It will also seek to attract allied health professionals to vacant spaces which include a whole level, as well as a space on the first level of the building.

"We've had we've had quite a few approaches from allied health practitioners over some vacant spaces that we have on level one," Mr Kalofonos said.

He said the group would seek to create "an entire level of allied health" services.

This is the third building secured by the group in Canberra.

The group previously assisted Wee Hur to acquire 7-9 Moore Street, with the Singapore-based construction company paying $20.6 million for the site in 2020.

The centre was officially opened in April 1970 by Princess Anne.

Previously home to YWCA Canberra, before it was sold and redeveloped in the 1980s, the building was last refurbished in 2010.

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