20 April 2023

More than half sold as ground breaks on Belconnen development of 'iconic luxury' The Markets Residences

| Dione David
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Men and woman standing at a building site

The Markets Residences sales director Sasha Trpkovski, Custom Apartments director Shane Anderson, Deputy Chief Minister Yvette Berry, Custom Apartments directors Peter Micalos and Mena Ibrahim, and Liberal planning spokesperson Peter Cain. Photo: Zen Photo.

Ground has officially been broken on Belconnen’s latest development, the major mixed-use apartment complex The Markets Residences.

Billed as a landmark development of “iconic luxury” on the gateway site, construction on the 10-storey, 313-apartment development next to the soon-to-be Capital Food Market will soon commence.

The Markets Residences sales director Sasha Trpkovski said it was a sign of confidence from the local market and economy that over 50 per cent of The Markets Residences apartments had already sold.

“We’re very pleased with the progress of the sales to date,” he said.

“The ground-breaking is a significant milestone for us, and we’re grateful for the hard work and dedication of the teams involved.”

READ ALSO Hundreds more apartments for Belconnen as The Markets gets green light

The $280 million project aims to “revolutionise the bustling Belconnen Town Centre”.

Located on the corner of Belconnen and Benjamin ways, it will sit directly across from the reimagined Capital Food Market, a $100 million European-style food hall and market hub set to open in late 2023.

Situated just a 15-minute drive to the CBD and within walking distance of Westfield Belconnen, Hoyts and its plethora of surrounding food, beverage and retail offerings, Lake Ginninderra and Bunnings, with excellent public transport, Mr Trpkovski says the project enjoys “the best location in Canberra”.

man giving speech at building site

Blue skies as Custom Apartments director Peter Micalos addresses attendees at the ground-breaking ceremony for The Markets Residences. Photo: Zen Photo.

Cox Architecture has designed The Markets Residences’ spaces to inspire exploration, relaxation and socialisation, with amenities including a rooftop with a swimming pool, private gardens, lawns and barbecue and picnic areas.

Custom Apartments director Peter Micalos says the four-building, pet-friendly development will include extra-large apartments for families and a diverse range of occupants.

“Typically, in the ACT, the average apartment size is in the order of 70 sqm. At The Markets Residences, our average apartment is almost 100 sqm. More than 70 per cent of the units are three bed and 10 per cent four bed.

“We have been developing in this area for a long time. We’ve picked up on market trends and researched buyer demographics. We are intentionally and strategically going to deliver much larger apartments than the market has seen in the past.

“We saw this opportunity a while back and we’re seeing buyers – whether families, first-home buyers or downsizers – embrace this product as an excellent house or townhouse alternative.”

One-bedroom apartments are sold out, but two-bedroom apartments remain from $550,000, two-bedroom-plus-study from $735,000, three-bedroom from $890,000, four from $949,000 and penthouse sky gardens from $1.2 million.

“The Markets Residences are very well priced, and people are starting to see value in living in these complexes close to amenities,” Mr Micalos said.

“We’ve also taken a very intentional focus on sustainability in response to market demand and hitting all those sustainability measures through careful and considered design.”

A number of the apartments have achieved a 7-Star NatHERS (Nationwide House Energy Rating Scheme) Energy Efficiency Rating, making owners eligible for “green loans”.

The development will also be the first in Canberra to offer every single apartment its own EV charging point at no extra cost.

man shovelling dirt into a wheelbarrow

Icon Construction project manager Mitchel Smith turning the sod at The Markets Residences site in Belconnen. Photo: Zen Photo.

The Markets’ food and dining destination, The Piazza, will be an immersive internal urban oasis headlined by a lush central atrium.

Icon Construction – a firm with 160 years of experience – has been awarded the building contract for the project.

Director Aaron Clingan said the company was “thrilled to be part of The Markets’ construction”.

“Our team has a wealth of experience in delivering high quality and sustainability-led construction projects, and we are committed to bringing that same level of dedication and skill to The Markets,” he said.

“We look forward to bringing such an exciting project to life in a booming location and contributing to the revolution of the Canberra property market.”

READ ALSO New builder found for Capital Food Market as first PBS creditors meeting announced

The Belconnen Town Centre offers an array of amenities, cultural attractions and public transport options.

Population growth in the Belconnen Centre is forecast at 40 per cent by 2031, and the region employs more than 13,500 individuals in the town centre alone, making it an attractive investment opportunity.

“We’re very excited to have commenced construction of what will be the largest single-stage residential project to commence this year in the ACT,” Mr Micalos said.

For more information, visit The Markets Residences.


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