Almost complete Sierra development on market looking for a developer to finish the job

There are high hopes for the stalled Sierra townhouse development in Narrabundah to finally be completed with the whole project being put on the market in search of a developer to take it over.

The Sierra at 20 Leahy Close was one of several projects left in limbo when Canberra builder Project Coordination went bust in March.

The property comprises 45 substantially complete two-storey two, three and four-bedroom townhouses.

Since 24 April, Deloitte Turnaround & Restructuring Services partners Sam Marsden and Jason Tracy have been pursuing options to restart construction.

The nearly completed development is now for sale at their instruction in a bid to secure a developer to finish the job.

Colliers is handling the sale through an Expression of Interest process.

It says the sale is an opportunity to secure a development that is already substantially completed and pre-sold.

Colliers Head of Capital Markets & Investment Services ACT, Matthew Winter, said the development was being sold in one line with the purchaser responsible for completing the development, unit titling and sale contracts for the sold and exchanged units.

Strong interest from local developers is expected.

“The purchaser of 20 Leahy Close will find themselves in the rather unusual but attractive position of only having a small amount of work to do before settlement and the security of knowing that the majority of homes already have buyers in place,” Mr Winter said.

“Sierra is a ‘ready-made’ opportunity for a developer located in a blue-ribbon location.”

Colliers National Director Development Paul Powderly said the majority of homes were substantially complete, with a few at the lockup stage.

“Twenty-nine of the townhouses are sold and exchanged, 12 are reserved for the Macedonian Orthodox Church and just four homes remain available for sale,” Mr Powderly said.

“This gives a purchaser unique transparency and certainty regarding potential costs and returns.”

Each of the townhouse units has double lockup garaging or basement car parking and quality design and finishes.

In July, Region spoke to Liz and Rob Sharpe who had hoped to move into their new home last Christmas only to have the build time extended. Then Project Coordination collapsed, leaving them and other purchasers in limbo and putting their retirement and travel plans on hold.

Ms Sharpe said the couple had stuck with their purchase, which is 90 per cent complete, in the hope a way forward would be found.

She knew of at least three other buyers who had given up and rescinded their contracts.

“It’s our plan to live there. We want to live there,” Ms Sharpe said.

“Nothing else has appealed to us. We’ve looked at other properties.”

But there have been rumours that they might be asked to pay 20 per cent more.

Expressions of interest close on 16 December 2024.