21 November 2024

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

| Ian Bushnell
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aerial view of Sierra development

Work on the Sierra development in Narrabundah stopped when builder Project Coordination went into administration in March. Photo: Colliers.

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.

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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.”

Sierra development

Buyers Liz and Rob Sharpe outside the Sierra development in Narrabundah in July. “We want to live there.” Photo: Ian Bushnell.

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.

READ ALSO Premium land with Brindabella views to go to auction

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.

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Capital Retro8:45 am 22 Nov 24

I looked at these when they were first proposed. The suggestion was they would be ideal for retired downsizers.
Anything with steps is poison for elderly people so they were promptly crossed off the list and I bout a single level dual occupancy place which is ideal.

Thank goodness we all seek different types of accommodation and have different needs.

Leahy Close left me cold when I was looking for a new place to live. Featureless with too many places looking the same, not an interesting place to walk around.

Probably good for car dependent retirees who only have grandchildren to visit for short periods, or for double income no kids couples who’re not there that much and who don’t need much in the way of amenities nearby.

It doesn’t feel like a community, unlike my apartment complex with a pool and lots of interesting walks and parks nearby, as well as cafes, bars and shops. Nothing like that there.

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