Prized Braddon development site up for sale

​Canberra, 23 March 2016 – General insurance group IAG Ltd is moving to sell a prized development site in the heart of Braddon adjacent to Canberra’s CBD.

CBRE has been appointed as the exclusive selling agent for the 92 Northbourne Avenue property, which has a price guide of circa $20 million+.

A full redevelopment of the 6,260sqm site could be undertaken to capitalise on its CZ2 zoning. This permits a broad range of uses including offices, hotel accommodation, residential, student accommodation and health care.

The Crown Lease offers a broad purpose clause which allows the above uses and an unlimited Gross Floor Area – giving certainty around what can be developed on the site.

There is presently a six-level office building on the site of approximately 3,465sqm, which is known as NRMA House. The site offers a number of development strategies as the building, which includes a basement, could be refurbished, re-purposed or redeveloped.

Selling agent Andrew Stewart, Managing Director of CBRE Canberra, said significant interest was expected, from both local and interstate developers.

“Interstate investor interest in Canberra has increased noticeably and we expect that developer interest will follow accordingly. Recent research points to Canberra apartment prices increasing in Q4 2015 and developments in the inner suburbs are still recording excellent pre-sales with minimal settlement risk given their high appeal to both the owner occupier and investor market,” Mr Stewart said.

CBRE Associate Director Mark Nicholls added that the Braddon area had undergone a significant gentrification in the past five years, with old service industries having relocated to make way for apartments and higher end retail users.

“This has made Braddon one of the busiest precincts within Canberra, with the suburb also benefitting from its proximity to the Canberra CBD, the retail area of the Canberra Centre and the Australian National University,” Mr Nicholls said.