18 November 2019

Coombs multi-unit development sites released for sale

| Ian Bushnell
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More multi-unit development is on the way for Coombs. Photo: Michelle Kroll, Region Media.

Key development sites in Coombs have been released for sale with the Suburban Land Agency announcing that five blocks with a total of 326 allowable dwellings will be auctioned next month.

The SLA says the Coombs blocks provide opportunities for ‘signature’ developments as they are adjacent to John Gorton Drive and positioned near the main entry road.

The auction on 11 December will be keenly watched by Coombs residents who have seen off several big development proposals in which the number of units were much greater than the number of allowable dwellings on the blocks.

But with limited services in the area, they will also be interested in who takes up the mixed-use site.

Four sites are slated for multi-unit development, zoned RZ5, and there is one one mixed-use site (CZ5).

The SLA says the mixed-use site and a multi-unit site in the south of Coombs have easy access to public transport with connections to the city every 15 minutes.

The remaining blocks are in the northern section of Coombs, all conveniently located close to open green space, playgrounds and the Molonglo River Corridor.

Ninety-six 'affordable' dwellings are required across the five sites.

The 96 ‘affordable’ dwellings are required across the five sites.

The mixed-use site on Section 2 Block 4 is 6582 square metres with a maximum of 69 dwellings allowed, including 20 affordable homes.

The 6,179 square metre Section 3 Block 4 nearby, which was passed in at auction in March, can also hold 69 dwellings, including 20 affordable homes.

In the north, on Section 53, there is the potential for 74 units, including 22 affordable homes, each on Blocks 2 (7,449 sqm) and 3 (7,431 sqm), while on Section 59 Block 1 (4,028 sqm) the maximum yield is 40 dwellings, with 12 of them to be affordable.

The Suburban Land Agency says it has marketed these Coombs sites consistent with the planning controls which have been determined by the Environment, Planning and Sustainable Development Directorate.

“The marketing material states a maximum number of dwellings for each site as well as how many of those need to be sold as affordable dwellings. As with any new or existing residential site across all suburbs in the ACT, if a developer wishes to exceed the maximum planning yield, there is a statutory application and assessment process that they are required to follow. This process is administered by the Planning Directorate,” a spokesperson said.

The most recent comparable release in Coombs was a mixed-use and two multi-unit sites auctioned in March 2019, with one multi-unit site sold under the hammer. Negotiations with the highest bidders of the two remaining sites, resulted in their sale, post-auction.

In March and April ZBD Investment Pty Ltd bought two comparable blocks for $4.6 million and $4.485 million. On 3 June Property Group 18 Pty Ltd bought a 9,000 square metre mixed-use block for $7 million.

The auction will take place at 11:00 am on Wednesday, 11 December, at Ainslie Football Club.

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