Private developer Geocon has defied market jitters and snapped up a high-profile development site in the nation’s capital for $24 million.
The 7640 square metre property at 70 Allara Street, Canberra has multiple development outcomes and was sold by Andrew Stewart and Stuart Cox of Savills Australia.
The agents said the site is underpinned by a strong urban renewal program already under way in the ACT and a shift to creating dense urban precincts in Canberra’s CBD.
Mr Stewart said the new developments include the Capital Metro Light Rail, the planned Civic to Woden Light Rail Stage 2 route, ACT Law Courts and new ACT Government Headquarters.
Mr Cox said there has been a significant increase in interest for residential sites close to transport, retail and education facilities.
“Demand has come from a mix of high net-worth individuals, well-established local developers, interstate developers and student accommodation groups looking to capitalise on the economy recovering sooner than expected,” Mr Cox said.
The agents said that against the backdrop of COVID-19, there were nine bidders in the first round which went to three in the final round.
