The heart of Queanbeyan will be transformed into a landmark housing, retail and entertainment precinct by Canberra developer Village Building Co after it acquired two prime adjoining sites in the border city’s CBD for a higher than expected $8 million.
Totalling more than 5,000 square metres, the two mixed-use sites released by Queanbeyan and Palerang Regional Council are the main block, an amalgamation of 10-12 Rutledge Street and 257 Crawford Street (4,188 square metres), and a smaller one located at 6 Rutledge Street (848.6 square metres).
While the detailed design is yet to be progressed, Village’s Building’s vision for the site includes high-density housing, a retail precinct that will integrate two heritage buildings, and new recreational facilities, including a cinema.
There is the potential to develop 190 apartments over the two sites in what will be the largest mixed-use development seen in Queanbeyan’s history.
The land currently houses a number of council office buildings.
Village Building CEO Vince Whiteside said it was a landmark purchase for the company, and it was looking forward to working with the QPRC to achieve an outcome that does justice to this prime location.
“Village has a longstanding commitment to the Queanbeyan region and we see the value in investing in the City’s centre and delivering higher density living, coupled with a re-imagined retail precinct,” he said.
“This acquisition will allow us to strengthen the diversity of our offering to home buyers in the region. When combined with South Jerrabomberra, we will now be delivering land, house and land, townhouses, apartments, commercial and industrial products in the Queanbeyan area.”
Village says it will work closely with the QPRC to deliver a precinct that is aligned to the overall strategy for the City and meets community needs.
The redevelopment of the sites is an integral element of the QPRC’s CBD Transformation Strategy, which includes the new Queanbeyan Civic and Cultural Precinct.
Colliers International Director of Land Marketing Residential Josh Reid said mixed-use sites did not come to the market very often in Queanbeyan, so competition from developers was strong.
Village emerged from a field of about nine local developers after two rounds of an Expression of Interest process.
Mr Reid said initial expectations were about $5.5-6 million, but the result showed Queanbeyan’s potential as the next development place to be.
“It was good strong campaign for Queanbeyan because, traditionally, large-scale development hasn’t really happened across the border there,” he said.
“It’s good to see confidence from developers. They’re now seeing [Queanbeyan] as a [development] option.”
Mr Reid said that the future development of these blocks would bring new residents and amenity to Queanbeyan.
“We look forward to seeing Village bring the QPRC’s CBD masterplan strategy to life,” he said.
The development sites sit next door to the new $74 million office precinct designed by Cox Architects that is currently under construction.
This new precinct will also include green space, a new library, basement parking and new multi-storey office buildings.
Village Building Co will commence design of its precinct in 2022.