A “rare and city-shaping” block has come to market in the nation’s capital.
The site, spanning almost 2ha, is next to City Hill and is part of the ACT government’s renewal of Canberra’s city centre.
The permit-approved site is mooted to become a new gateway to the city centre from the south with a focus on residential and retail space.
JLL is handling the sale, via an international expressions-of-interest campaign, for the land, Block 1 Section 121 City.
JLL managing director, ACT Tim Mutton said that with frontages to London Circuit, Edinburgh Avenue, Vernon Circle and Commonwealth Avenue, the block “is one of the most significant development sites to come to market in Canberra’s history”.
“Land release offerings have been extremely rare within the central city area, let alone one of this scale.
“The site provides 18,959sq m of prime development land and presents an opportunity for developers to create something that will become part of the history of Canberra’s renewal.”
The Canberra City Centre is currently going through its biggest transformation in recent memory. As the population grows and the ACT government delivers on its urban densification goals, the city centre continues to be Canberra’s biggest beneficiary, Mutton said.
Ongoing investment from private and public organisations has delivered the first stage of light rail, a new Magistrates Court and award-winning developments such as Constitution Place and Civic Quarter.
The ACT government also committed $28.477 million to the design of a world-class arts and entertainment precinct in Civic Square.
“The sale conditions will ensure a sustainable and high-quality development fitting of its significant city centre location,” Mutton said.
“The new development can feature a combination of residential accommodation and retail space, as well as potentially office or hotel space.”
The expressions-of-interest campaign closes July 4.
