The Economic Development Directorate has triumphantly announced that they’ve flogged off 35 hectares of Ngunnawal for $36.25 million.
Spirited bidding by 11 registered parties representing both local and interstate companies has seen a 35.14ha site in Ngunnawal sell for $36.25 million.
The site is 18 kilometres from the CBD and only four kilometres from the Gungahlin Town Centre. It also provides good access to local schools and shopping facilities.
The auction conducted by Colliers International on behalf of the Land Development Agency will see the development of approximately 475 dwellings.
The winning bid came from Canberra Estate Consortium No 30, a subsidiary of local home building firm The Village Building Company, who had to fight off stiff competition from interstate consortiums that were also keen to secure the site.
“I am delighted that the Village Building Company was successful in purchasing this land,” said David Dawes, the Director General of the Economic Development Directorate.
“For a number of years now Village has specialised in providing homes at the affordable end of the market and their purchase of this land will mean that more Canberra families will be able to make their dream of homeownership a reality.
The development will be completed within three years and will feature a wide range of options for home buyers including townhouses, villas, duplexes, free standing homes and larger residential lots.
As part of this development Bob Winnel, the Village Chief Executive, has already committed to provide 122 two bedroom homes priced at around $335,000 and a further 102 three bedroom house and land packages that will be priced from $365,000 to $400,000.
In the next few months Village will also offer 131 blocks to the market. The blocks will range in size from 420sqm to 900sqm and will be priced from $220,000 to $355,000.
The estate will feature solar hot water to every home, and all landscaping will feature low water usage native plants.
All waste building materials from the site will also be recycled.