The ACT government is allocating budget funding for the next stage, but not yet building the Canberra Theatre Centre revitalisation.

The main feature of the redevelopment will be the design and construction of a new, larger lyric theatre to add to the present facilities. Construction approvals for the redevelopment will be sought in 2025.

In the meantime, the government says, an industry partner will be engaged through an early contractor involvement to work with Major Projects Canberra and two-stage procurement process will commence in July.