The southern gateway to the City will be given a major facelift following the sale of Section 100 to ACT property development firm Morris Property Group, which plans a mixed-use development on the site, including more than 1,000 apartments.
A 2.6 hectare site sitting between London Circuit and Vernon Circle, Section 100 (formerly Section 63) is adjacent to the New Acton cultural precinct, Australian National University, City Hill and the ACT courts precinct and is at present used as a car park.
Morris Property Group (MPG) finalised the purchase of Section 100 from City West Property Holdings this week for $85 million and plans to develop the site in four stages that will include car parking, retail and apartments.
State Chief Executive of Colliers International, Paul Powderly said the site was the first part of the city centre people hit when coming in from the south on Commonwealth Avenue.
“It is smack in the middle of a major employment hub which includes many Commonwealth Government departments, and is, of course, a short walk to the city’s shops and restaurants,” he said.
Initially sold by the ACT Government in 2007 to Leighton Properties and Mirvac for $92 million, the site had stood vacant except for the car park despite its significant potential and outstanding location.
Morris Property Group was now gearing up to breathe new life into this prominent part of our city, Mr Powderly said.
“Each stage will be unique but contribute to a cohesive whole, which will be a precinct people will be excited to live in, work in or visit,” Mr Powderly said.
“Morris Property Group has been operating in Canberra for 40 years and is still a family run business. MPG’s experience and sense of family will be at the heart of this development which will be designed for multi-generational living as people choose to start out their lives in a home close to their work or study; families take advantage of the lifestyle opportunities Section 100 will present; and for older Canberrans seeking a quality, easy care home from which they can readily access all they need day-to-day while being part of the community and social life of the precinct.”
Work on Stage 1 will begin shortly.
“Fencing will be going up in coming weeks, at which point more details of the development will be unveiled. Soon people will have a chance to register their interest in making this precinct their home or next investment,” Mr Powderly said.