The Land Development Agency should have known that Denman Prospect Molonglo would not sell in the way that it was offered to the market.
“The market has spoken”, said Property Council ACT Executive Director Catherine Carter. “It’s hardly a surprise that in the current financial climate the private sector does not have the appetite for the development of such a large parcel of land, particularly given the planning risks associated with DV306.
“Before this site was even released to the market there was consistent advice from the Property Council that it would be very difficult for a site of this size to be released to one developer and that the preferred industry position was, and remains, that this whole site be broken up into not less than 3 or 4 separate parcels.
“What is really surprising, and very disappointing” she said “is the recent announcement that the LDA now proposes to service the land itself, for some 1,700 new dwellings, without elaborating on how it intends to manage the development and sales process.