The Canberra Times has a typically complex planning story on the failed auction of the Baileys Corner car park and the matching one across Northbourne Avenue.
A glut of commercial development space in Canberra and fears of a legal challenge over a planning amendment on City Hill are being blamed for two premium development blocks at Civic being passed in at auction yesterday.
Billed as ”sensational”, ”the pulse of the city” and the ”city’s ultimate address”, the London Circuit car park sites failed to meet the ACT Government’s reserve price.
While five Canberra developers made bids, interstate institutions and listed companies snubbed the sale.
Is it possible that Civic is as developed as it can get until the city grows a bit more?