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Englobo gets The Promenade

By johnboy - 23 February 2011 1

Chief Minister Stanhope informs us that the last Kingston Foreshore site “The Promenade” has gone for $9.1 million to the Englobo Group who plan to put 120 apartments on it as well as offices, restaurants, and shops.

“The site is uniquely positioned within what is set to become one Canberra’s most exciting leisure and retail precincts overlooking a bustling Kingston Harbour,” Mr Stanhope said.

“There is a potential for the site to accommodate a premier waterside café, offices, shops and up to 120 one, two or three bedroom apartments.

“Having already purchased other blocks in the precinct, Englobo Group will become an integral part of the vision for the Promenade as a lively precinct for quality shopping, dining and recreation.”

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Englobo gets The Promenade
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Keijidosha 9:46 am 24 Feb 11

Seems awfully cheap for such prime* real estate. Not taking into account the retail and commercial space the cost comes down to about $75k spread across the 120 proposed apartments, factor in building costs on top of that and the developers will still make an absolute killing.

(* Describes the value of said land based on perception of affluent twats who seek proximity to other equally affluent twats, and not actual value of land adjacent to sludgy green pond and former industrial area.)

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