Canberra House Annexe to go

johnboy said :

Lots of nice little unique shops likely to be shafted and replaced with national franchises I fear.

Vision City was offered first pick of a new place in the new building, and I suspect could have negotiated a sweetener off the developer. But they’ve said they won’t bother.

Wig and Pen has gone crying to government and is saying they won’t move back in, meanwhile their master brewer left the business and is starting a new business in Braddon, in a development by the same people about to develop Canberra House.

Any business owner with half a brain will realise this redevelopment will bring a lot of new opportunity, a few hundred potential new customers right above them. Progress is needed, and if there’s business who can’t figure out how to capitalise on progress, adios.

I don’t see the issue with apartments. If people are living in them, then why not build them. it actually takes the pressure off the housing market with more supply. I’m unlikely to ever want to liuve in an apartment, but accept many do and I can understand the appeal. Not everyone wants a yard or garden to look after!

Does this spell the end of the Wig and Pen? Or at least at it’s current location? Rumour has been about for some time on this topic.

HiddenDragon said :

johnboy said :

Until the price of apartments comes down to $80k keep building them I say!

Don’t stop there, let’s get really nostalgic, what about £2,000 for two bedrooms, and £2,950 for three, with allocated parking for the Austins and Vauxhalls!

Yes, yes and yes – I can’t complain about any of that.

West Row: The West Wyalong of Canberra?

Unfortunately I think these flats will be a tad above that magic $80,000.

johnboy said :

Until the price of apartments comes down to $80k keep building them I say!

Don’t stop there, let’s get really nostalgic, what about £2,000 for two bedrooms, and £2,950 for three, with allocated parking for the Austins and Vauxhalls!

johnboy said :

Until the price of apartments comes down to $80k keep building them I say!

Won’t happen, because the cost to build is so much higher. Projects don’t get finance approval from banks/lenders until at least 20% profit can be demonstrated from the project.

All those apartments we have now are selling, albeit slowly. At least major apartment projects that I know of have been canned in the last couple of years because the projected outcome didn’t generate the required margin.

johnboy said :

Until the price of apartments comes down to $80k keep building them I say!

Agreed,

Canberra has a large transient population of young singles and couples moving here for work or study, staying a few years and moving off (that was my plan originally too). Having affordable accommodation in inner urban and CBD locations is ideal for this demographic. It can also can help reduce traffic on the major arterials (fewer cars with single occupants doing the run down the GDE/Monaro/Adelaide ave every day is a good thing) and is good for the retail and hospitality sector. It would also mena that more land out in the burbs can go to housing rather than large residential developments. Building blocks of flats in Crace or other outer urban areas is daft, better to devote the land to residential blocks and in-fill the CBD and inner burbs with flats.

…because that’s exactly what Canberra needs. More apartments.