Chief Minister Stanhope is thrilled that new land for apartments in the planned suburb of Wright in Molonglo has shot over reserve at auction:
Two multi-unit sites were sold by tender to local developers for prices above the reserve.
A 7,456 sqm site on the corner of Cotter Road and the future John Gorton Drive sold for $4.38 million to Intelligent Group Pty Ltd. The high density multi-unit site will see the construction of up to 75 dwellings.
Another 8,484 sqm site, adjacent to Uriarra Road, was purchased by 30 Forde Pty Ltd, a company owned by local businessman Nick Georgalis. The $4.64 million site will accommodate 25 terrace dwellings.
The landmark locations are opposite parklands that will be a major feature of the new suburb.
“The sale of these sites for prices above their reserves confirms the demand we saw last year when more than 300 residential blocks and two multi-unit sites were sold in the first release of land in Wright,” Mr Stanhope said.
One is sure the apprentices sleeping in their utes, and the students crashing on friend’s floors, because they can’t afford a place to live will join the Chief Minister in his celebration of skyrocketing real estate.