A section of the former public housing land on Northbourne Avenue in Turner will go under the hammer next week.
The Suburban Land Agency has released the rectangular 16,303 sqm site with the potential for 477 dwellings for online auction on Tuesday (28 June).
The sale comes after the SLA’s failed bid in 2019 to sell the complete batch of public housing land on the northern gateway and light rail corridor in Braddon and Turner by public tender.
The City Renewal Authority conducted the tender process on behalf of the SLA, and it was marketed nationally as Braddon and Turner on Northbourne, a combined 39,000 sqm of prime mixed-use land linking the city centre with the inner north.
The process attracted three proposals but failed to find a buyer willing to meet the reserve price.
The SLA decided to break up the land, selling the 15,607 sqm Braddon section in 2020 for $28 million.
This site (Block 4, Section 57), Turner Place, is zoned CZ5 Mixed Use with no requirement for affordable housing but the purchase will come with sustainability conditions.
The SLA says any development must be gas-free, include all electric connections and electric vehicle charging units and meet the Green Star Buildings 5 star rating.
Buyers will also have to adhere to specific quality design conditions and consider the site’s position on the gateway route into Canberra and proximity to light rail.
Colliers is managing the sale on behalf of the ACT Government.
Director land marketing Josh Reid said the sale should attract strong interest from local and interstate buyers.
“Based on how popular and scarce development opportunities along the light rail corridor are, we expect local and interstate developers will take a close look at this property,” Mr Reid said.
“With CZ5 mixed-use zoning, planning guidelines allowing for a maximum of 477 residential dwellings and combined with the central and in-demand location, this site will present an outstanding opportunity for whoever becomes the successful purchaser.”
The sale will help add another piece to the development evolving on Northbourne Avenue, which has been transformed since the start of the light rail project.
Colliers director residential Shane Radnell said the public transport project had reinvigorated the city centre and surrounds by creating demand for high-density
housing along the light rail corridor.
“Future residents of homes on the site being released for sale today will only be a short tram journey from the CBD or could even walk to town,” he said.
“Also on their doorstep is the popular dining precinct of Braddon and the lovely green space offered by Haig Park.”
The sale will deliver a windfall to the ACT Government coffers.