ACT developer Geocon has acquired a mixed-use development site in Reid, Canberra for $38.5 million.
The 1.17 hectare site is located on the corner of Cooyong Street and Ainslie Avenue and is across from the Canberra Centre and Glebe Park.
The vendor was the ACT Government and the sale was handled by LJ Hooker Commercial.
"This location will enable us to meet the growing demand for inner-city living, and to create another striking mixed-use development combining high-rise apartment living with amenities, hospitality and retail suited to the CBD," Geocon managing director Nick Georgalis said.
"We have almost sold out our Midnight project in Braddon in the first six months on the market so we know there's demand for quality, amenity and value close to the city.
"We were thrilled to be successful in acquiring this site and very excited to get started on building the personality of this project with our design partners Fender Katsalidis Architects, the design team behind the NewActon precinct and our developments Midnight and Republic.
"This side of the city has been long forgotten. But with the resurgence of nearby Braddon, and CIT and the Canberra Metro a short walk away, this site will accommodate a wonderful precinct that will appeal to residents and visitors alike.
"You wont need to own a car - everything will be at your doorstep."
The redevelopment of the site will contribute to the ACT Government's vision for urban renewal reflect in the City Plan.
The development of the site will include 500 apartments. It is due for completion in 2020.
Main image copyright: wendis100 / 123RF Stock Photo
