This article is from the Australian Property Journal archive
A PRIME town centre development site in Canberra has sold for $14 million after attracting interest from local and interstate developers.
The 6,049sqm mixed-use site was sold by a fund managed by Elanor Investors Group to a Sydney based developer.
The property sits 6.8km from the Canberra CBD at 14 Ibbott Lane, Belconnen with frontage to Benjamin Way.
The sale was managed by Andrew Stewart and James Girvan of Savills Australia, via an expressions of interest campaign.
In accordance with the Belconnen Masterplan, the site has potential to be developed into a 10 to 16 level mixed-use development, including residential, childcare, medical, office and limited retail.
“The site boasts favourable town planning which encourages urban growth within town centres which attracted significant interest from both local and interstate developers,” said Andrew Stewart, director at Savills Australia.
The site sits across from the Belconnen Fresh Food Markets, which is undergoing redevelopment by Elanor, with the $100 million project being launched back in 2018.
“This sale is in line with Elanor’s strategy to reposition the iconic, but dated, Belconnen Markets into a modern, vibrant mixed-use precinct,” said Michael Baliva, co-head of real estate at Elanor Investors Group.
In recent months, Elanor has been buying up COVID-proof healthcare assets including Broadway Medical Centre in Perth for $12 million, two Woolloongabba assets for $80.2 million and $37.2 million and a multi-tenanted medical facility in Rockingham, Western Australia for $22.9 million.
“Since completing the precinct’s new large format project in late 2020 introducing Chemist Warehouse and Petbarn as the first stage, we are looking forward to commencing construction of the new “Capital Food Market” in the near future,” added Baliva.
14 Ibbot Lane has access to many retail amenities such as Westfield Belconnen, a Bunnings, Officeworks, BCF, Good Guys and Bing Lee.
“It also benefits from its proximity to key amenities including retail, education (Canberra University, Radford College, and Canberra High School), medical (Calvary Hospital) and public transport (Belconnen bus interchange, providing express services to the Canberra CBD),” added Stewart.
