GEOCON has concluded the purchase of one of Canberra’s most prestigious development sites at 92 Northbourne Ave.
Canberra’s largest developer of high-rise apartments, GEOCON has secured the 6200sqm site, which is situated at the southern end of the block bounded by Northbourne Ave, Elouera St and Mort St. The site has been acquired for $25.025m and brings the total value of site acquisitions by GEOCON in Canberra this year so far to in excess of $50 million.
“We are really excited about developing this blue chip site in Braddon, which is increasingly expanding as a fantastic precinct for retail, food and beverage, and inner city living,” GEOCON Managing Director Nick Georgalis said.
“GEOCON plans to develop and build a 140 room apartment hotel under the Abode Hotels banner with an additional 350 private residential apartments (490 total) plus retail and restaurant offerings that will enhance the existing Braddon culture.
“Located on the Eloura street light rail stop, this will be the most significant development along the light rail route, commencing in late 2017 and ready for occupancy in early 2019.”
With around 1100 apartments under construction across three sites - Wayfarer (330 - Belconnen), Southport (360 - Tuggeranong) and Infinity Towers (420 - Gungahlin), the acquisition of 92 Northbourne adds another 490 apartments to GEOCON’s development pipeline which includes an additional 2000 apartments and will extend GEOCON’s continuous delivery of completing 500 apartments a year in the ACT.
“This new hotel, under the Abode brand, will complete the total Canberra offering and increase the hotel rooms Abode will operate by 2020 to almost 1000 rooms in Canberra, with another 52 coming on line in Murrumbateman by the end of this year,” Mr Georgalis said.
“In addition, the private apartments will share the exceptional design quality and amenity that we are delivering at our other sites across Canberra where residents will enjoy unsurpassed community facilities like gyms, infinity pools, rooftop gardens and terraces, and wonderful spaces for them to meet and mingle.”
CBRE’s Andrew Stewart and Mark Nicholls negotiated the sale of the site to GEOCON on behalf of general insurance group IAG.
The property presently comprises a six-level office building, known as NRMA House.
Mr Nicholls said the sale campaign had attracted significant interest from local and interstate developers.
“There were numerous drawcards for prospective purchasers, including the Braddon address and the proposed light rail via Northbourne Avenue,” Mr Nicholls said.
“This, coupled with the Crown Lease, which permits residential and hotel uses, helped to attracted widespread buyer interest and we received a number of strong offers.”
Mr Stewart noted 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 Stewart said.
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