Geocon fast-tracks Republic precinct development after Goldman Sachs deal

Ian Bushnell 20 June 2018 13

An artist’s impression of the High Society towers. Image: Supplied.

Canberra property developer Geocon will fast-track its $1 billion mixed-use Republic precinct in Belconnen, with the development to be completed in just over three years instead of the original three-stage, 10-year timeline.

Geocon said it was responding to unprecedented demand for apartments in the national capital, and construction of the precinct’s Republic, Dusk and High Society buildings would now occur concurrently after the company last week clinched a financing deal with Goldman Sachs.

“Rather than a staged build as originally anticipated, we are taking the unprecedented step of delivering the first four buildings at once – almost 1000 apartments of the 1250 total,” Geocon managing director Nick Georgalis said.

Designed by Fender Katsalidis Architects – the architects responsible for NewActon, Melbourne’s Eureka Tower and Hobart’s MONA – the precinct will feature Canberra’s two tallest towers at 113 metres and 110 metres.

Located at Section 200, on the corner of Cameron Avenue, Eastern Valley Way and Emu Bank, the Republic precinct will also include a public carpark, Melbourne-style laneways, a hotel, office spaces, landscaped public gardens and amphitheatre plus cafes and restaurants.

Mr Georgalis said the company would deliver more than half a billion dollars worth of stock to help a rental market that had reached crisis point.

He said that with Canberra’s rental costs among the highest in the nation and vacancy rates at almost zero, there was no choice but to accelerate the project and release more stock quickly to a starved market.

Mr Georgalis said demand for Republic had been intense with 70 per cent of Stage 1 sold before a shovel was in the ground.

“Stage 2, High Society, hasn’t even been launched yet but we’ve been inundated with inquiries, with more than 1000 registrations of interest,” he said.

Mr Georgalis said Canberra was being transformed with light rail and urban renewal and offered the best opportunity for investors in the country.

“Going up, not out, is the only sensible way to meet the future demands of Australia’s fastest developing capital,” he said.

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13 Responses to Geocon fast-tracks Republic precinct development after Goldman Sachs deal
justin heywood justin heywood 10:48 am 21 Jun 18

They’re only 110 metres tall, so what’s with the image of the towers poking through the cloud base?
Is it supposed to be smoke from a nearby bushfire?

John Moulis John Moulis 8:38 am 21 Jun 18

No parking at the Belco Labor Club anymore. Last Saturday night I had to park across the road way back and walk to the club in the freezing cold driving rain and wait almost two minutes for traffic so I could cross the road. Is the Labor Club going to do anything about this because it is a terrible inconvenience and I – and I am sure many others – am considering whether I want to remain a member.

Brett Griffiths Brett Griffiths 7:45 am 21 Jun 18

More empty slums of the future?? No doubt!

Cam Hawker Cam Hawker 10:27 pm 20 Jun 18

Low clouds obviously

Kerry Jackson Kerry Jackson 6:29 pm 20 Jun 18

Great, block the mountain views

bikhet bikhet 4:52 pm 20 Jun 18

Don’t worry Darren, the tram will allow them all to commute to Civic. Oh, wait…

g210 g210 3:39 pm 20 Jun 18

So will these leak like most new builds in Canberra or just make loud banging noises in the middle of the night like another nearby Geocon?

Nicole Drentin Nicole Drentin 3:07 pm 20 Jun 18

Great... I guess this means the residents of the Altitude complex across the road can look forward to 14 hours a day, 7 days a week construction, plus whatever random night works occur 😒 That’s okay, who needs sleep?

    Johanna Hofman Markezic Johanna Hofman Markezic 1:32 pm 04 May 19

    we live in the Wayfarer building, no noise problems here.

    Nicole Drentin Nicole Drentin 8:42 pm 04 May 19

    Lucky you! I envy you - Wayfarer must be far enough away that you can’t hear the noise. Those of us in the Altitude complex facing the construction site definitely can hear it, as we are practically on top of it. I literally don’t bother setting my alarm clock anymore because I get woken up 6 days a week by it (which sucks if they start at 5.30 am).

Darren Hearn Darren Hearn 1:21 pm 20 Jun 18

Glad Belconnen has the infrastructure to cope with all these high rises being approved. As no doubt all the hundreds of occupants will travel by bus or bicycle.

Willis Young Willis Young 12:49 pm 20 Jun 18

Wait for the angry faces... wait for it

Michael Babb Michael Babb 12:23 pm 20 Jun 18

About time canberra got some real towers

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