Geocon targets CBD with City 7 acquisition
16 August 2017
A GEOCON signature mixed-use precinct will be developed at City 7, Reid, following the purchase of the site for $38.5 million at auction on August 9.
The 1.17 hectare, landmark site, located on the corner of Cooyong Street and Ainslie Avenue, sits opposite the Canberra Centre and Glebe Park.
“The location will enable us to meet the growing demand for inner-city living, and to create another striking mixed-use development combining high-rise apartment living with amenities, hospitality and retail suited to the CBD,” GEOCON Managing Director Nick Georgalis said.
“We have almost sold out our Midnight project in Braddon in the first six months on the market so we know there is demand for quality, amenity and value close to the city. We were thrilled to be successful in acquiring this site and are very excited to get started on building the personality of this project with our design partners Fender Katsalidis Architects, the team behind the NewActon precinct and our developments Midnight and Republic.
“This side of the city has long been forgotten. But with the resurgence of nearby Braddon, and CIT and the Canberra Metro a short walk away, this site will accommodate a wonderful precinct that will appeal to residents and visitors alike. You won’t need to own a car – everything will be at your doorstep.”
The redevelopment of this site will contribute to the ACT Government’s vision for urban renewal, reflected in the City Plan. The first residents will be expected to move in during 2020.