Geocon celebrate their 27 story approval for Belconnen

Martlark said :

Well done Geocon! More people and life in Belconnen town center is desperately needed. Another good hotel to compete with the Premier Inn will keep it on it’s game. And, bleagh to the Belconnen Community council who lobbied to make this development less profitable. Boo to meddlesome nimbys. Nimbys who don’t live nearby, in fact, no one lives near by to this development. I’m still surprised at how people in Canberra go a bit nuts at the prospect of people living more than a few metres above the ground.

To be fair, the official stance of the BCC was to push for accountability regarding planning standards generally, although I note the public meeting on the topic thought the initial plans were too high. It was only the current president who went off on her own to denounce the revised plans (ie those plans that have now been approved) without consulting the community before heading to the media.

I agree with high-rise in the town centres, especially Belconnen, although about 20 stories would seem a more appropriate height to me. There are environmental benefits to ‘going-up’ and not out and benefits to be had for concentrating residents near public transit routes although it is interesting that this 27 story tower will be nowhere near the proposed tram route.

gazket said :

Spykler said :

‘A 27 storey mixed use development consisting of:
– 235 residential apartments’

I cannot understand the rationale behind ACTPLA’s approval processes. You only have to take a drive along Flemington road to see how many residential developments are coming online in the next 18 months to realise that we are pretty much at saturation point now..Another 235 (primarily 1 bedrooms) apartments in an overcrowded market??..Good luck on ever getting a return on your investment for the next 5-10 years..

The Chinese will happily wait 10 years to make a profit while their kid goes to uni . Then they sell at a profit to the guy down the road so his Chinese kid can go to uni and have somewhere to live.

so it doesn’t matter if no Aussies buy in.

Rich Chinese kids stay in campus or city aparments, while those not so lucky tend to live in multi-bedroom houses in Gungahlin. I personally know some Chinese kids invested in Belconnen/bruce area apartments can’t even find another Chinese guy to take over their properties at the price they paid. Aussie agents tricked uninformed Chinese into the market with the rent and property appreciation in the past few years, with the strata fee, stamp duty, CGT and rental empty rate in fine prints. If I could choose the the time frame in question, I would be able to make the appreciation looks impressive.

Then the question left is when will we run out of these uninformed Chinese?

Spykler said :

‘A 27 storey mixed use development consisting of:
– 235 residential apartments’

I cannot understand the rationale behind ACTPLA’s approval processes. You only have to take a drive along Flemington road to see how many residential developments are coming online in the next 18 months to realise that we are pretty much at saturation point now..Another 235 (primarily 1 bedrooms) apartments in an overcrowded market??..Good luck on ever getting a return on your investment for the next 5-10 years..

I tend to agree re the 1 bedroom thing. Obviously the developers think they can maximise profit building 1 beddies, but I don’t like them much. If you want to buy to invest 2 bedroom is better, and 2 bedroom 2 bathroom better again, as it can be rented by professionals who aren’t in a relationship (and this tends to get the best results).

Well done Geocon! More people and life in Belconnen town center is desperately needed. Another good hotel to compete with the Premier Inn will keep it on it’s game. And, bleagh to the Belconnen Community council who lobbied to make this development less profitable. Boo to meddlesome nimbys. Nimbys who don’t live nearby, in fact, no one lives near by to this development. I’m still surprised at how people in Canberra go a bit nuts at the prospect of people living more than a few metres above the ground.

Spykler said :

‘A 27 storey mixed use development consisting of:
– 235 residential apartments’

I cannot understand the rationale behind ACTPLA’s approval processes. You only have to take a drive along Flemington road to see how many residential developments are coming online in the next 18 months to realise that we are pretty much at saturation point now..Another 235 (primarily 1 bedrooms) apartments in an overcrowded market??..Good luck on ever getting a return on your investment for the next 5-10 years..

The Chinese will happily wait 10 years to make a profit while their kid goes to uni . Then they sell at a profit to the guy down the road so his Chinese kid can go to uni and have somewhere to live.

so it doesn’t matter if no Aussies buy in.

‘A 27 storey mixed use development consisting of:
– 235 residential apartments’

I cannot understand the rationale behind ACTPLA’s approval processes. You only have to take a drive along Flemington road to see how many residential developments are coming online in the next 18 months to realise that we are pretty much at saturation point now..Another 235 (primarily 1 bedrooms) apartments in an overcrowded market??..Good luck on ever getting a return on your investment for the next 5-10 years..

rigseismic67 said :

But who would want to buy an apartment with little chance of making a profit in today’s deflated canberra market, let alone in a monstrosity that is 27 stories high.
Just look at that eyesore next to the southern cross club in Woden, took them years to sell them all.

+1. And in Belco of all places???

@Felix the Cat yes thats a diffrent hotel it will be located up on the corner next to that lil round about accross from the old tax building.
@rigseismic67 chinese middle class will buy these as investment propertys and for there children too study at uc which the government hopes one day will hold thousands more students

Ah just did a quick Google search and answereed my own question. The proposed Labour Club hotel is a different building in a different location – http://www.canberratimes.com.au/act-news/new-150room-hotel-proposed-for-belconnen-20131024-2w2so.html