Continuing to bring you the latest Canberra commercial property development news.
Five development sites at the Campbell 5 precinct were sold at auction on Wednesday, achieving a combined sale price of $63,750,000.
The blocks, which form part of the Constitution Avenue revitalisation project, are zoned for Mixed Use, offering residential, commercial and hotel development opportunities.
Block 1 Section 30
7,020sqm for a maximum of 205 dwellings
SOLD – $15,000,000
Block 1 Section 131
5,719sqm for a maximum of 103 dwellings
SOLD – $11,000,000
Block 1 Section 132
4,257sqm for a maximum of 110 dwellings
SOLD – $14,500,000
Block 1 Section 133
2,382sqm for a maximum of 60 dwellings
SOLD – $13,500,000
Block 8 Section 5
2,095sqm for a maximum of 50 dwellings
SOLD – $9,750,000
While the sites represent a rare premium inner city development opportunity, the combined total result has well exceeded market expectations. Read more about Campbell 5.
The ACT Government has announced a further scaling back of “extension of time” fees for delayed commencement of new developments.
For commercial, industrial and unit/apartment develpments, owners will now have eight years before late fees are incurred. For single residential blocks, fees will commence after six years. In addition, the Government is waiving extension of time fees owed since 22 June 2012, and will refund any fees paid since then.
These measures form part of the Government’s economic stimulus program and have been welcomed by the property industry. Read more of the original Canberra Times article here.
New Development Applications lodged
It looks like the market for new units is picking up in Downer, with three new DA’s lodged this week for a total of 18 units.
A much larger unit development application was lodged for 95 dwellings over 7 buildings, at Block 46 Section 50 Macquarie, the site of the old Jamison Inn.
In addition, new DA’s were lodged for a new warehouse at Block 14 Section 4 Beard, and a three storey commercial building with ground floor carwash at Block 11 Section 18 Gungahlin.
More details on Development Applications are available at the ACTPLA website.
Don’t forget to have your say on various ACT Government projects at the Time to Talk Canberra website.
The community consultation process is still open on the following topics:
Draft variation to the Pialligo Masterplan
Planning controls to guide commercial development at the Erindale Centre
Improvements at Evatt and Florey local shopping centres
Possible development options at the former Higgins school site