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Geocon Takes Canberra Hotel to Market

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Australia’s fourth-largest residential developer has put one of Canberra’s newest hotels on the market. Geocon has appointed JLL to sell Abode Belconnen in a strong Canberra property market.

Geocon managing director Nick Georgalis said throughout the development and build phase there had always been the intention to sell the asset, which overlooks Lake Gininderra.

“Since we opened in October last year, Abode Belconnen has been consistently full, which has presented us the perfect opportunity to bring this sale forward earlier that first planned or expected,” Georgalis said.

“Abode Belconnen echoes what we have seen across the rest of the ACT, that Canberra’s hotel market remains strong and resilient.

“We know that Canberra has one of the strongest drive markets in Australia thanks to our proximity to major population centres in NSW and the seemingly endless opportunities for tourists once they arrive here.

“Abode Hotels have remained open and at capacity throughout most of the Covid months, which is good for our company and good for Canberra’s economy.”

Canberra has proven to be one of the most resilient property markets in the country and has had relatively strong occupancy rates compared with other capital cities. It remains the most expensive city to rent either an apartment or house and with a less transient population Domain senior research analyst Nicola Powell said the trend looked likely to continue.

The 152-key hotel also includes a restaurant, boardroom and 68 car parking spaces. It’s part of the $700 million 1.6ha Republic Precinct at Belconnen. It is being offered as vacant possession or can remain under the management of the Abode brand.

JLL managing director of hotels and hospitality Mark Durran said the political hub of the nation presented a “stable hotel market”

“This success can mainly be attributed to enduring government-related demand as well as it becoming an increasingly popular domestic leisures destination,” Durran said.

Geocon has seven of Canberra’s top 10 tallest residential structures.

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Article originally posted at: https://www.theurbandeveloper.com/articles/geocon-hotel-for-sale