Canberra's residential landscape is changing rapidly with record levels of investment in the multi-unit development site market this year. Ray White Commercial Head of Research Vanessa Rader said this demand was being driven by local developers, and so far this year, there have been sales in excess of $100 million which is expected to yield close to 2,000 apartments. Since the beginning of 2014, more than $300 million has been transacted by the ACT Government Land Development Agency.
The latest example of this activity is Canberra developer Geocon paying $22.1 million to purchase a 16,314 sqm site in the heart of the Belconnen Town Centre on Canberra’s northside at auction. The land was owned by ACT Government Land Development Agency.
Known as Block 2 Section 200 Belconnen, the site was sold by Ray White Commercial Canberra Directors Andrew Smith and Doug O’Mara. Smith said the site drew significant interest because of its size and location in the Belconnen Town Centre which allows the developer to create a master-planned, centrepiece development for Belconnen.
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," O'Mara said.