21 March 2019

Former inner south public housing sites go for $84 million

| Ian Bushnell
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Bidders and observers at the SLA auction. Photo: SLA.

Five former public housing sites in the inner south have sold for more than $84 million, with one block selling for $40 million, the largest sale of a single block of land by the ACT Government since 2016.

The Suburban Land Agency said the landmark sites in Griffith and Narrabundah, the former Stuart Flats and Gowrie Court were part of ACT Government’s Asset Recycling Initiative program and attracted 22 registered bidders hotly contesting each block on offer.

Of particular interest was Block 24 Section 39 at Griffith which enticed multiple bidders, with the Yeend Pty Limited eventually paying $40 million. The Griffith site has been described as a gem of the Inner South, within eyeshot of Manuka Oval and close to schools, Manuka Town Centre, Lake Burley Griffin and the Parliamentary Triangle.

BMJ Canberra Investment Corporation Pty Ltd bought two blocks – Griffith Block 23 Section 39 for $12,005,000 and Block 6 Section 43 for $3,615,000. Griffith Block 25 Section 39 went to Bisa Inner South Projects Pty Ltd for $8,250,000, while Narrabundah Block 3 Section 62 sold for $20,355,000 to Braddon D Pty Ltd & Braddon G Pty Ltd.

A sixth site at Lyons opposite the Woden Town Centre, the former Strathgordon Court marketed as the Junction, was passed in, however agents were confident of negotiating a sale on the block within the coming days.

The SLA said the auction showed the continued strong interest for quality development opportunities in the ACT’s property market and marked another milestone in the ACT Government’s urban renewal program, driven by the vision for a re-invigorated Canberra.

It said the sites in Griffith, Narrabundah and Lyons provided exceptional opportunities for innovative townhouse and low-rise residential development.

Sale results:

Suburb Block Section Zone Size m2 Dwellings Sale price
Griffith 25 39 RZ5 3 ,695 70 $8,250,000
Griffith 23 39 RZ5 4,514 100 $12,005,000
Griffith 24 39 RZ5 12,080 282 $40,000,000
Griffith 6 43 RZ5 2,163 32 $3,615,000
Narrabundah 3 62 RZ5 13,775 177 $20,355,000


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