This article is from the Australian Property Journal archive
LOCAL developer Geocon has paid $22.1 million for a large development site in the heart of the Belconnen Town Centre on Canberra’s northside.
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The 16,314 sqm site known as Block 2 Section 200 Belconnen was sold by Ray White Commercial Canberra directors Andrew Smith and Doug O’Mara on behalf of the ACT government`s Land Development Agency.
The latest transaction increases the Land Development Agency`s total sales since the beginning of 2014 to more than $300 million.
Smith said the site offered an exceptional englobo opportunity and the auction held at the Belconnen Arts Centre attracted 10 registered bidders.
“There was massive interest in the site due to its significant size and location in the Belconnen Town Centre. The auction attracted spirited bidding and the site was sold under the hammer with Geocon the successful bidder.
“The 16,314 sqm block allows the developer to create a master-planned, centrepiece development for Belconnen which can be developed in stages to meet market demand,” Smith said.
O’Mara said the Land Development Agency allows the site to be used for multi-unit housing of not more than 745 dwellings.
“Currently a surface carpark, the site is ideal for redevelopment for a range of uses including medium to high density residential, commercial office space, retail or a parking station,” he added.
Ray White Commercial head of research Vanessa Rader said there had been record levels of investment in the Canberra multi-unit development site market this year.
She added that in the year to date there have been in excess of $100 million in sales, which is expected to yield close to 2,000 apartments.
“This strong activity has been driven by local developers and is set to continue through the year,” Rader said.
Australian Property Journal
