Strong demand for the $200 million Grand Central Towers development in Woden has seen the ACT sales record for a single night smashed, according to joint developers Geocon and Zapata.
The development at 15 Bowes Street in Phillip consists of 429 apartments across two towers, 18 and 26 storeys, with retail space at ground level. Building will commence this year and the first residents are due to move in by late 2020.
Buyers snapped up more than $100 million worth of property at a special sales event on Thursday night, including a penthouse for $1.5 million, Geocon said.
It said the development’s proximity to the proposed Stage 2 of the light rail line was a key factor in the property’s appeal.
“We knew there was strong interest as we prepared to bring this development to market but this result has exceeded even our expectations,” Geocon Managing Director Nick Georgalis said.
“Selling 250 units, including a penthouse and 100 per cent of the commercial spaces is a phenomenal outcome not just for us, but for the whole of Woden. It’s the true start of Woden’s renaissance.”
Zapari managing director Nick Skepev said that the development had been designed to integrate as a transport hub, specifically with light rail, and people saw the potential.
“Buyers love that Woden is all about living in a central location with fantastic amenities and multiple transport options,” he said.
“We had a vision to be at the forefront of Woden’s rejuvenation and to transform the Woden we know today and the number of sales tonight show that buyers share that vision. It is a fantastic result.”
Geocon, which this week had its huge Republic mixed development in Belconnen approved, also has the WOVA (WOden reVAmped) development in train, proposing four buildings, including a 24-storey tower, on the one hectare site of the Woden Tradies Club.
The Grand Central Towers result also impressed the Woden Valley Community Council, which had expressed concerns about overshadowing from the development and its size but saw the demand as a spur to further Government investment in community facilities to support the coming influx of new residents into the area.
“Amazing sales result at the bus interchange,” WVCC posted on Facebook. “We call on the ACT Government to commit to a community hub and work with the Woden community to determine the future site for a 50m pool in the Woden Town Centre area. The existing site could then become the new National Ice Centre.”