An artist’s impression of the proposed Belconnen build-to-rent and hotel development next to new Belconnen markets. Images: Fender Katsalidis.
The second stage of The Markets development in the Belconnen Town Centre is a step closer with a development application lodged for two towers containing a hotel and 300 apartments.
The almost $114 million project will rise on the 5000 square metre temporary markets site next to the new Capital Food Market.
Investment group Elanor Funds Management Limited is behind the new markets and the mixed-use developments nearby.
Canberra-based Custom Apartments is partnering with Elanor to develop The Markets.
Stage 2 will consist of two L-shaped, six-storey buildings with an attic, lower ground level, and two basement levels for parking and resident amenities.
Designed by Fender Katsalidis, the two buildings embrace a plaza, courtyard and gardens, with a thoroughfare connecting Market Lane to Ibbott Lane.
The 300 apartments – mainly studio, one-bedroom, and two-bedroom apartments, with seven three-bedrooms on the top floor – will be a mix of build-to-rent and for-sale properties.
Another view of the project. The hotel will offer 50 rooms.
The hotel on the eastern side of the site consists of 10 rooms on each of the five levels.
Like many build-to-rent projects, a great deal of amenity is proposed for the tenants and hotel guests.
The plans show more than 2000 square metres of retail or residential amenity space on the ground floor where health care facilities and a well-being centre will also be provided.
Resident amenities in the basement include a gym, pool and cinema, while there will be 235 parking spaces, 311 bicycle spaces, end-of-trip facilities and storage.
The internal open space, designed by the architect’s regular partner, Oculus, consists of planter boxes, cascading plants, trees with seating, terraces, and an elevated walkway.
It aims to provide an area where residents and guests can relax and play.
According to the traffic report from Idesco, the development will generate 163 vehicle trips in the AM and 175 vehicle trips in the PM peak hour.
It says the Ibbott Lane access to the car park is expected to perform at an acceptable level, and modelling shows the development will have a negligible effect on nearby intersections.
The lush internal setting and thoroughfare for residents and guests.
However, the Belconnen Way/Lathlain Street/Catchpole Street intersection will have queuing issues, and improvements to traffic light phasing are proposed.
This development is part of a cluster of mixed-use, multi-storey apartment developments adjacent to the new Capital Food Markets.
It follows the $280 million 10-storey, four-building Markets Residences under construction on the corner of Belconnen Way and Benjamin Way, adding a further 313 apartments to the Town Centre.
Custom Apartments’ Peter Micalos said the project was 65 per cent sold and is due to be completed in late 2025.
Also coming is the $118 million Eden development on the Premier (Ramada) Inn site, which comprises 379 dwellings across four rectangular-shaped 10-storey buildings set in a garden precinct.
Elanor Investors Group is an ASX-listed real estate fund management business that manages over $6.4 billion of real estate investments in Australia and New Zealand.
It bought the three-hectare Belconnen markets site in 2018 for $43.75 million, offloading the Ibbott Lane car park for $14 million in 2021.
Comment on the DA is open until is open until 28 March.
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