This article is from the Australian Property Journal archive
DOMA Group will quickly begin construction on its high end The Parks Residences in Canberra after receiving development approval for the low-density project this week.
The Parks is located in the sought-after inner south neighbourhood of Red Hill and will feature 136 apartments over six buildings, spread across 5.2 hectares of land.
Civil works are being completed, while parks around which the homes are set will take shape before the end of the year, and construction on the residences will get underway in early 2021.
Inner-city Red Hill is serviced by local shopping village that includes a pharmacy, high-end grocer, café, restaurant, hairdresser, post office, butcher and is only minutes from Lake Burley Griffin, Parliament House, the CBD and the popular Manuka and Kingston dining and retail precincts.
“This ease of convenience is really what people are looking for,” Colliers director, projects and land marketing, Josh Reid said.
“There is research suggesting the 20-minute neighbourhood, where we have all the conveniences we need close to home, is the way people want to live and is the new gold standard for urban planning.”
“Previously people may have thought they were priced out of Red Hill or didn’t want a large older home on a big block, which is the traditional housing in this area.
The Parks Residences are scheduled for completion in mid-2022.
Mid-year, Canberra-based Doma Group acquired a 1.1 hectare block in the Woden Town Centre from the ACT government for $12.5 million, and is planning a four building project with offices and apartments. It has also been building the Cape at DKSN in Dickson.
Meanwhile, a joint venture between Doma Group’s Jure Domazet and Shane Quinn from Quintessential Equity, Field of Murrumbatement, has just released more than 40 hectares of land next to Shaw Wines, to the north of the ACT.
Seventy serviced blocks are being released now, and another further 31 will be released later this year or early in 2021. Reid is also handling the marketing.
