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Home loans made clear

$12.3 million for Flemington Road blocks

By johnboy - 22 March 2011 17

Jon Stanhope has announced that the Harrison and Franklin blocks on Flemington Road have been sold:

Spirited bidding by 15 registered parties has seen the sites sell for a total of $12.3 million.

Three of the sites permit the development of multi-unit housing, restaurants, shops and non-retail commercial uses, with the blocks ranging in size from 6,318 to 7,983sqm.

Block 2 Section 31 Franklin was sold to Zina Pty Ltd and Lem Pty Limited. The 3,531sqm site allows for the construction of up to 18 dwellings.

Block 2 Section 33 (7,612sqm) and Block 1 Section 122 (7,983sqm) Franklin were sold to M.P.K Investments Pty Ltd and Taofei (Australia) Pty Ltd respectively. These two sites allow for up to 100 and 105 dwellings on each. This is in addition to mixed-use on the ground floors.

Block 2 Section 95 Harrison (6,318sqm) allows for the construction of up to 83 dwellings was sold to II Developments JV Pty Ltd.

In total these four sites will allow up to 306 dwellings.

What’s Your opinion?


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17 Responses to
$12.3 million for Flemington Road blocks
Chop71 10:02 am 09 Sep 11

Mysteryman said :

$12.3 million is chump change considering what 100-105 residential dwellings will sell for. If only someone would lend me some money, I’d be rich in 18 months!

95% of business in Australia fail within 3 years.
Why do you think you will be any different Mysteryman?

montana 9:47 am 09 Sep 11

Mysteryman said :

Sammy said :

Mysteryman said :

$12.3 million is chump change considering what 100-105 residential dwellings will sell for. If only someone would lend me some money, I’d be rich in 18 months!

It’s likely the lack of funds isn’t the only thing holding you back. An ability to read and decipher information presented to you is also a very useful capability when it comes to successful business ventures.

Which part of what I said don’t you understand? Let me break it down for you, as you obviously have trouble with basic comprehension.

$12.5m (the TOTAL cost of all the blocks of land) is a small amount compared to what the sale of some 100 or 105 dwellings (on ONE of the blocks) will generate.

How was that? You follow? Grab your crayons and I’ll draw you a picture if that helps you.

but what about the cost of building the dwellings?

Mysteryman 11:09 am 23 Mar 11

Sammy said :

Mysteryman said :

$12.3 million is chump change considering what 100-105 residential dwellings will sell for. If only someone would lend me some money, I’d be rich in 18 months!

It’s likely the lack of funds isn’t the only thing holding you back. An ability to read and decipher information presented to you is also a very useful capability when it comes to successful business ventures.

Which part of what I said don’t you understand? Let me break it down for you, as you obviously have trouble with basic comprehension.

$12.5m (the TOTAL cost of all the blocks of land) is a small amount compared to what the sale of some 100 or 105 dwellings (on ONE of the blocks) will generate.

How was that? You follow? Grab your crayons and I’ll draw you a picture if that helps you.

arescarti42 10:53 am 23 Mar 11

EvanJames said :

A normal average person on a single normal average income with a good deposit saved still can’t afford a decent home.

That’s a key point in the debate. If normal average people who want to enter the market can’t afford too, then who is going to bid up the price of properties?

Capital gains in property over the last 15 years were mostly underpinned by households borrowing ever larger amounts relative to their incomes. If the amount people can afford to borrow has peaked, then massive capital gains cannot continue.

EvanJames 9:51 am 23 Mar 11

Skidbladnir said :

Canberra’s continuing upward prices on the other hand, are the speculations of an already overvalued Australian market.

I dream of a correction happening soon. It’s insane, there’s no other way to put it. A normal average person on a single normal average income with a good deposit saved still can’t afford a decent home. Because the actual land is the expensive thing, doesn’t matter what’s on it, the land drives the price up.

Gungahlin Al 9:38 am 23 Mar 11

puggy said :

Could someone please reassure me that these developments aren’t going to screw up Flemingtoon Road. Please. I don’t have much faith in the “mixed use” concept. Who is going to try run a business there, you know, with that abundance of parking? Or are we going to get the usual Gungahlin thing of parking anywhere you damn well please, all while neglecting to mow your four square metres of lawn.

The efforts of the Gungahlin Community Council have already resulted in significant to changes to the requirements of the Flemington Rd Concept Plan in order to avoid it becoming another Anthony Rolfe Ave “townhouse tunnel”. At one stage we had all the key ACTPLA and LDA people in a minibus with us going around existing areas of the north and south side to clearly outline what sorts of design ideas were acceptable, unacceptable, and “we’ll make your life miserable if you dare allow any of this”…

The apartment complex already on the market is an example of this improved outcome. The next one looks like it will present well to the main street but has some unfortunate aspects internally and out the back. But our DA objection resulted in good changes being forced on that developer too.

We have had input into the early design stages of all the other developments at the northern end of Flemington Road, except those ugly three storey townhouses on the north side of the road…

We will keep a close eye out for the DAs for these new blocks when they are released, but we also expect that ACTPLA and the LDA (as they have been doing to date) will recommend to the buyers that they engage with us early in the piece, well before DA stage.

We are also keen to see the shopping centre site (NW corner of Flemington and Nullarbor) released to the market.

But there is always more that can be done, limited only by the other life commitments of our volunteers. If you want to see change for the better, then no better way than to get involved yourself.

Skidbladnir 12:19 am 23 Mar 11

Skidbladnir said :

Something but couldn’t edit it

A revised his link of a specific property to highlight, but the other one is the current batch of Irish “Have we hit bottom-of-market yet?” auctions.
This property failed to make reserve previously.

Also, that same AUD$250,000 can get you freehold on a 2.5 floor terrace house in London, about 500m from a tube station that puts you about 20 mins away from the CBD.

Canberra’s continuing upward prices on the other hand, are the speculations of an already overvalued Australian market.

Skidbladnir 11:26 pm 22 Mar 11

screaming banshee said :

Link please

Good enough for you?
Currency conversion

Similar prices aren’t hard to find, Ireland is just the most recent to correct back to its long-term mean and take a government with it, but the purchase to rental ratio (ie: price: earnings) are also back to where they used to be.

arescarti42 9:45 pm 22 Mar 11

Skidbladnir said :

A long time ago, human beings could afford Canberra.

I mentioned to family the other day the price of Canberra housing, and they quite chirpily pointed out that a three bedroom apartment in the financial district of their 1 million headcount capital city goes for for about AU$250,000.

Clearly your family lives in a country that isn’t Australia, USA perhaps?

Give Canberra a couple of years, the status quo simply cannot continue.

screaming banshee 8:31 pm 22 Mar 11

Skidbladnir said :

three bedroom apartment / financial district / capital city goes / AU$250,000.

Link please

Sammy 8:00 pm 22 Mar 11

Mysteryman said :

$12.3 million is chump change considering what 100-105 residential dwellings will sell for. If only someone would lend me some money, I’d be rich in 18 months!

It’s likely the lack of funds isn’t the only thing holding you back. An ability to read and decipher information presented to you is also a very useful capability when it comes to successful business ventures.

Skidbladnir 6:29 pm 22 Mar 11

A long time ago, human beings could afford Canberra.

I mentioned to family the other day the price of Canberra housing, and they quite chirpily pointed out that a three bedroom apartment in the financial district of their 1 million headcount capital city goes for for about AU$250,000.

Pvok 6:05 pm 22 Mar 11

multi-unit housing? On Flemington Road? Oh the shame, how will they ever blend with the rest of the neighbourhood?

puggy 4:42 pm 22 Mar 11

Could someone please reassure me that these developments aren’t going to screw up Flemingtoon Road. Please. I don’t have much faith in the “mixed use” concept. Who is going to try run a business there, you know, with that abundance of parking? Or are we going to get the usual Gungahlin thing of parking anywhere you damn well please, all while neglecting to mow your four square metres of lawn.

Mysteryman 4:23 pm 22 Mar 11

$12.3 million is chump change considering what 100-105 residential dwellings will sell for. If only someone would lend me some money, I’d be rich in 18 months!

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