It is held for sale.

The office block in question is considered to be "held for sale" under IFRS 5. According to IAS 40, investment property is defined as property held to earn rentals or for capital appreciation. In this case, since management has committed to a plan to sell the office block and is actively being marketed for sale, even though it may take significant changes to the selling plan to achieve a sale at its asking price, it still meets the criteria for classification as a non-current asset "held for sale" under IFRS 5, which deals with the accounting for assets held for sale or disposal. It is not considered an item of inventory under IAS 2, as that standard pertains to goods intended for sale in the ordinary course of business, which doesn't apply to real estate. Similarly, its long-term investment nature and the fact that it was previously held as an investment property doesn't align with the definition of inventory.