Fund Manager Plots Hotel, BtR for Canberra’s North

A real estate funds manager is eyeing a hotel and build-to-rent project in the ACT as interest in the national capital continues to grow.

Elanor Investors is working up plans for 300 build-to-rent apartments and a 50-key hotel at Belconnen.

The group reportedly snapped up Belconnen Markets, now known as Capital Food Market, a carpark and vacant development land for $44 million in 2018.

It has begun pre-consultation ahead of lodging a development application for the build-to-rent and hotel project.

Capital Food Market is undergoing a substantial redevelopment, which is expected to open next month.

According to the project website, the pre-application plans for the vacant Belconnen site “may be suitable” for uses such as multi-unit residential, a childcare centre, a medical centre, commercial accommodation and retail shops.

The planned project would play in to amenties and other developments at Belconnen, including the market and Belconnen Town Centre, as well as the under-construction 315-apartment Market Residences.

It will include 24/7 concierge access, valet service and an outdoor garden, the Piazza, which was inspired by Sydney’s the Grounds of Alexandria.

▲ A render of the new food market at Belconnen.

Other Belconnen projects in the works include amended plans to an application for a 10-storey, mixed-use development at 14 Ibbott Lane by Icon.

The developer wants to amend the approved plans, including removing a fourth-level basement and adding penthouse garages and so-called SoHo’s—small office, home offices—that can be used as offices or as homes, with their own kitchens, bedrooms and bathrooms.