This article is from the Australian Property Journal archive
THE ACT Government's Land Development Agency has teamed up with a local consortium to develop Crace, a new suburb in Gungahlin.
The consortium led by Canberra Investment Corporation also includes Defence Housing Australia and PBS Property Group. CIC will also be the project manager for the Joint Venture.
Located in south-west Gungahlin and bounded by the Barton Highway, Gundaroo Drive, Nudurr Drive and Canberra Nature Park, Crace is close to the Gungahlin Town Centre, Belconnen and Dickson and just nine kilometres from Civic.
The consortium has paid around $88.16 million for the 140 hectare site of which 92 hectares are developable. The concept masterplan for the development, lodged as part of the tender process, provides for the creation of 1,425 dwellings, a local commercial centre, community facilities and active and passive open space.
Crace will also implement ecologically sustainable design principles with particular focus on water sensitive urban design and reduction in potable water use.
The five year project is expected to provide a $293 million turnover. The ACT Government will also receive a 50% share in the estimated $60 million in profits from the development.
ACT’s chief minister Jon Stanhope said the release in Crace was one of the largest undertaken by the ACT.
“This is an exciting opportunity for the private sector to participate with the LDA to develop an estate which will showcase the latest in sustainability and urban design.
“And importantly, the Crace Developments’ proposal offers a range of blocks and housing options. At least 15% of the blocks will be released for affordable housing, in line with the Government’s Affordable Housing Action Plan,” he added.
To meet the ACT Government’s Affordable Housing Action Plan, the joint venture will ensure that 15% of dwellings to be developed and sold to the market will be at a price range of between $200,000 and $300,000.
Stanhope said the development of the suburb is expected to generate half a billion dollars worth of economic activity in the Territory.
Australian Property Journal
