This article is from the Australian Property Journal archive
CANBERRA Investment Corporation has bought the Embassy Motel in Deakin, Canberra for $6.4 million.
The site is approximately 9,000 sqm and currently is a fully operational motel.
CIC said the site is an important part of CIC’s development portfolio for the next few years and will facilitate the delivery of a high quality apartment complex targeted towards the upper end of the ACT apartment market.
A development application has now been lodged for approval of the complex, comprising four separate buildings up to seven levels and accommodating 114 apartments across a mix of one, two and three bedrooms and penthouses.
Subject to obtaining the appropriate approvals during the early part of this year, the project to be known as the Ambassador will be released to the market in mid 2008 with construction to commence once an acceptable level of presales have been achieved.
If all goes according to plan, the three year project is expected to turnover $88 million to be booked in CIC’s 2010 financial year.
Australian Property Journal
