Capital’s Canberra CBD Deal Paves Way for $650m Precinct

The developer behind a number of Canberra’s biggest redevelopments has fleshed out its latest high-profile CBD project. 

Capital Property Group has paid $66 million for a site to the south-west of City Hill after a public tender process by the ACT Government.

The developer already holds a site nearby, bordering Northbourne Avenue and London Circuit, which it scooped up last year for $53 million.

Capital is now planning a precinct of six buildings. Four of those will be residential with 502 apartments planned. Of those, 76 will be designated as affordable within the mixed-use precinct. 

Designed by Bates Smart, the precinct will also include a “striking” hybrid timber hotel.

A city park and an A-grade office building with groundfloor retail, including cafes, restaurants and a convenience supermarket are also part of the plans. 

The ACT Government said that the new precinct would be an “innovative, eco-conscious and inclusive mixed use development”.

The $650-million draft design will go before the National Capital Authority for works approval, which will include a public consultation process.

▲ A render of the mixed-use development proposed for the Canberra CBD.

A development application still needs to be filed. Pending approvals, construction could begin as soon as next year.

If the project keeps to that timeline, it would be completed in stages between 2028 and 2034. 

The site is currently being used to support the raising of London Circuit, a “major city-shaping project” that aims to connect the city with Lake Burley Griffith by delivering footpaths and bikelanes, as well as the reworking of roads in the area in preparation for the next stage of the light rail line to Woden. 

Capital Property Group is the development wing of the Capital Airport Group, which owns Canberra Airport. 

Billionaire founder of Capital Property Group Terry Snow died last year leaving behind a legacy of major development, including the redevelopment of Canberra Airport after acquiring it in 1998, as well as the masterplanned neighbourhood of Denman Prospect.