A prime development site opposite the Woden Town Centre and marketed as The Junction has been sold for $16.4 million as part of the Government’s Asset Recycling Initiative program.
AJP Projects Pty Ltd, a company registered in Phillip, has bought the 23,289 square metre block on Melrose Drive, previously the site of the Strathgordon public housing complex.
The Suburban Land Agency said contracts were exchanged on the over-the-counter sale of Block 1 Section 70 Lyons a week after it was passed in at auction on 20 March, when five former public housing blocks in Griffith and Narrabundah were sold for a total of $84 million.
Further details about the sale are scant with agents unable to reveal those involved in AJP Projects or their plans for the site until settlement on 1 June.
The maximum number of dwellings allowed on the Lyons property is 492, with 70 required to be ‘affordable’.
Zoned RZ5 High Density residential, the site was marketed as a coveted position next to the Woden Town Centre.
“Locals have easy access to transport, infrastructure, and community services, as well as some of Canberra’s best schools. With the proposed second stage of Canberra’s Light Rail, Woden will be a modern and fully connected community—with property values to match,” the sales brochure said.
“Residents will enjoy some of Canberra’s finest amenities in their own backyard, with the rest of the city just minutes away.”
The sites are marketed for the SLA by JLL and Colliers International.