Geocon Pushes On with $250m ACT Residential Project

Nick Georgalis’ Geocon Group has filed plans for early works approval for a $250-million mixed-use project on the site of the former Werriwa Defence Facility in Canberra.

Planned for the 7640sq m site at 70 Allara Street are 356 apartments, shops and a gymnasium across three buildings up to nine storeys. 

The federal government sold the leasehold for the site to Geocon in May, 2020 for $24 million. Andrew Stewart and Stuart Cox of Savills ACT brokered the sale.

The site has National Land Status and a 99-year Crown Lease purpose clause, which ends in 2116.

The site already had development approval for residential, office, retail and hotel uses. Geocon began community consultation soon after acquiring the site.

Located in Canberra’s CBD on the London Circuit near Commonwealth Avenue and within a future growth corridor, the site's neigbours include Department of Home Affairs, Murray Darling Basin Authority, Department of Foreign Affairs and Trade and the ACT Government as well as the Canberra Centre shopping centre.

Geocon, Canberra’s largest developer, has completed a number of major projects in recent years including Metropol in Canberra City in September, 2021 comprising 552 units across three buildings.

Its biggest mixed-use project to date is the Republic Precinct in Belconnen with five buildings and more than 1200 units, which is under construction.

It will evenutally be home to more than 5000 residents plus commercial spaces.

Geocon’s WOVA development in Woden is due for completion in 2024 and comprises 797 units across four buildings. 

The developer is a finalist in this year's The Urban Developer Awards for Excellence in the community engagement category.