Geocon buys Allara Street site for $24 million

Ian Bushnell 4 June 2020 43
70 Allara Street

The property is situated within an area identified as a future growth corridor and the immediate area is home to a number of large Commonwealth and local agencies. Photo: Region Media.

Canberra’s biggest developer, Geocon, has paid $24 million for a prime city site that offers unlimited potential for mixed-use development.

The substantial 7,640 square metre parcel at 70 Allara Street was sold by Andrew Stewart and Stuart Cox of Savills Australia, who said the site was underpinned by a strong urban renewal program in the ACT and a shift to creating dense urban precincts in Canberra.

Among the projects on the drawing board, Mr Stewart cited Stage 1 of the Capital Metro Light Rail, the planned Civic to Woden Light Rail Stage 2 route, the ACT Law Courts PPP and new ACT Government Headquarters.

“All of these projects are located within a 10-minute walk of 70 Allara Street,” Mr Stewart said.

Savills says both the National Land status and the 99-year Crown lease offers unrestricted residential uses for 70 Allara Street, as well as broad range of complementary uses including office, retail and hotel.

Aerial view

Aerial view of the site at 70 Allara Street. Image: Savills.

The site at the southern end of Allara Street near the Canberra Olympic Pool, can accommodate buildings 25 metres high and has a 96-metre long frontage to London Circuit.

A Geocon spokesperson said that while the company had no specific plans as yet for the site, the goal was to develop it into a mixed-use residential precinct as per the zoning and conditions of sale.

It would join the nearby 520-unit residential precinct Geocon is developing in Reid opposite Glebe Park, including the Metropol, Tryst and Envie projects.

Minutes off the southern end of City Walk and the entrance to the Canberra Centre, the site’s big selling point is convenience, says Savills.

The property is situated within an area identified as a future growth corridor and the immediate area is home to a number of large Commonwealth and local agencies, as well as Casino Canberra, the National Convention Centre and the pool, which has been touted as the site for city stadium.

The University of NSW Canberra, in partnership with the ACT Government, is also planning to develop a new campus on the site of the current CIT Reid on Constitution Avenue.

Director of Residential Site Sales at Savills Stuart Cox said there had been a significant increase in interest for residential sites close to transport, retail and education facilities from a mix of individuals, well-established local developers, interstate developers and student accommodation groups looking to capitalise on the economy recovering sooner than expected.

Mr Stewart said 70 Allara Street had the ability to push the development envelope.

“No gross floor area restrictions will ensure Geocon can create a landmark design and maximise the final development yield,” he said.

Savills said that despite the implications of the COVID-19 global pandemic, 70 Allara Street was a sought-after property, with nine bidders in the first round shortlisted to three in the final round.

Frontage

The site can accommodate buildings 25 metres high, and has a 96-metre long frontage to London Circuit. Photo: Region Media.


What's Your Opinion?


Please login to post your comments, or connect with
43 Responses to Geocon buys Allara Street site for $24 million
Lyndon Zoukowski Lyndon Zoukowski 6:41 am 09 Jun 20

Disappointing

James Lawler James Lawler 10:45 am 08 Jun 20

Canberra’s motto these days is – take something old and knock it down, replace with new irrespective of the history. Take away car parks and build buildings on them. Green spaces are opportunities to build too! One could be forgiven fot thinking the building industry runs Canberra. People don’t want something to go ahead – just use your call in powers to force it through. Why grow so fast Canberra?

Susan Williams Susan Williams 11:21 am 07 Jun 20

It’s a big mistake to allow one developer so much influence on what is built

Hope they build to standards - which btw have diminished over time

Alex Elliott Alex Elliott 8:39 am 07 Jun 20

There goes another neighbourhood

Capital Retro Capital Retro 10:06 am 06 Jun 20

Someone suggests “there’s a rental market there for sure……”

Doubt if it will be for international students though: https://www.insidehighered.com/news/2020/05/01/china-warns-australia-student-boycott

Jasmine Pheng Jasmine Pheng 9:55 am 06 Jun 20

Can they not lol Joy Huang

    Joy Huang Joy Huang 10:36 am 06 Jun 20

    Jasmine Pheng hahaha I tagged Jordan is this before

David Brown David Brown 9:36 am 06 Jun 20

Baaa has his eyes on our pool. 😥

Trish Roberts Trish Roberts 8:16 am 06 Jun 20

Yet another Geocon. Quick, get your hands on it before the election.

Nicolas Borgeaud Nicolas Borgeaud 2:29 am 06 Jun 20

Julian Curran, not the missile silo!

Kerstin Mahoney Kerstin Mahoney 9:46 pm 05 Jun 20

Build a bloody suburb with trees,backyards and space🤬

Jojo McFielding Jojo McFielding 9:03 pm 05 Jun 20

Emma Rachel bye bye 8 SIG REGT building

SP Brogues SP Brogues 8:51 pm 05 Jun 20

Barr ❤️ Geocon

Kim Kim 8:13 pm 05 Jun 20

Ok Brydie Kelly, where is all the land you suggest building houses on? Black Mountain…Mt Ainslie…Mt Painter…Glebe Park…Lake Burley Griffin…Cotter.

Gabriel Spacca Gabriel Spacca 7:49 pm 05 Jun 20

On a side-note. What does mixed-use residential precinct mean?

If it only has apartments then it’s a residential precinct. If it also houses commercial tenants then it’s a mixed-use precinct. Or do the commercial tenants also live full time in their places of business?

    Kirrin Birrin Kirrin Birrin 7:56 pm 05 Jun 20

    Gabriel Spacca apartments with restaurants and businesses underneath.

Frank Waters Frank Waters 7:36 pm 05 Jun 20

More units. Is there a demand???

    Andrew Jones Andrew Jones 8:52 am 06 Jun 20

    Frank Waters 3 University in a small radius. 4 if you count the UNSW at duntroon. Yer there’s a rental market for sure!

Byron Carn Byron Carn 7:06 pm 05 Jun 20

Ah Geocon at it again

    Ashley Wright Ashley Wright 10:41 pm 05 Jun 20

    Byron Carn if you are so worried how about you stump up the money to buy the property on the open market and building something that you think the city needs.

    Byron Carn Byron Carn 10:53 pm 05 Jun 20

    i don’t care what’s being built. It’s just always suss to me how many projects these guys keep getting

Robert Honeybone Snr Robert Honeybone Snr 6:57 pm 05 Jun 20

Just creating a future slum area

    Ashley Wright Ashley Wright 10:40 pm 05 Jun 20

    Robert Honeybone Snr have you seen what is there now? The picture is in the article. It’s a rundown slum now!

Donna Venables Donna Venables 6:26 pm 05 Jun 20

The entire city centre will turn into a slum! Along with the other town centres. High density housing turns areas into slums.

Iva Na Iva Na 6:25 pm 05 Jun 20

Another vertical ghetto 🤦‍♀️

Jim Roy Jim Roy 6:03 pm 05 Jun 20

The ‘anti apartment’ brigade need to understand just how big a role property plays in our ACT economy.

    Jorge Gatica Jorge Gatica 6:36 pm 05 Jun 20

    Jim Roy Australia’s population is nearly 25 million, European population is 750 million, Australia is bigger than Europe, Australians don’t need to be living on top of each other

    Brydie Kelly Brydie Kelly 7:04 pm 05 Jun 20

    Jim Roy so build houses. It's not like we have a shortage of land.

    Jim Roy Jim Roy 7:14 pm 05 Jun 20

    To build houses and suburbs you need infrastructure and transport - we live in a planned not grown city with huge opportunity to infill and build sustainable developments.

    Get out of the bubble people, the land is there.

    Gabriel Spacca Gabriel Spacca 7:45 pm 05 Jun 20

    The pro-apartment brigade need to understand that in the recent downturn, the only part of real estate that has suffered a fall in demand is the apartment sector. But hey, let’s keep telling people it’s a good investment.

    Jim Roy Jim Roy 7:47 pm 05 Jun 20

    Gabriel Spacca it’s not a hospital & developers only build if they think people will buy - and they appear to be doing so?

    Mark Valerius Mark Valerius 9:47 pm 05 Jun 20

    Gabriel, are you sure? What’s your source?

    Sharee Schultz Sharee Schultz 10:24 pm 05 Jun 20

    Jorge Gatica exactly! If you want to live on top of each other, move to another country!!

    Sharee Schultz Sharee Schultz 10:27 pm 05 Jun 20

    Jim Roy appearances can be deceiving! I believe a lot of apartments are vacant. Developers only need to sell a percentage to begin building.

    Jim Roy Jim Roy 8:13 am 06 Jun 20

    Sharee Schultz embarrassing

CBR Tweets

Sign up to our newsletter

Top

Search across the site