By early next year the first residents of Woden’s new landmark twin-towers will move in, injecting new life into the heart of the Town Centre.
A joint venture project of ACT property developers Geocon and Zapari, the Cox Architecture-designed, 430 apartment project has topped out, with level 26 of the taller, Tower B prepared and concrete poured.
It marks the culmination of more than two years of work on-site, bringing the glass facade, twin tower structure from a dream to a reality.
Geocon managing director Nick Georgalis says it’s more a realisation of Woden’s future rather than a rejuvenation.
”It’s been a Town Centre that no one has ever lived in so it’s never had an environment that people choose to visit, so people living and working in the Town Centre means they’re going to be using it.”
Zapari CEO Nick Skepev agrees, saying Grand Central Towers will help with the urban transformation of the Town Centre and the new residents will help reactivate the area’s restaurants and the nightlife.
”Woden has typically been a ghost town after five o’clock,” he said. ”Having that residential density in the Town Centre will help.”
Both have welcomed ACT Government commitments to the Town Centre including the planned CIT and public transport interchange next door and, of course, Stage 2 of light rail.
“There is nowhere else in Canberra where you’ve got light rail officially planned and a large tertiary institution next door, as well as Westfield and a major hospital just down the road,” Mr Georgalis said.
The project is 93 per cent sold and head of sales Adam Morgan says many buyers are downsizers from the Woden Valley itself and Tuggeranong.
Young families who have lived in apartments overseas have gone for the three-bedrooms, while investors, national and local, prefer the one and two-bedroom units.
Mr Morgan says the location, almost in the geographical centre of Canberra, sells itself and for the same price as an ex-guvvie in the area ”you can get into a modern sleek solar passive, high energy efficient apartment for an affordable price”.
The best value three-bedroom ensuite apartment will set you back $690,000 although some go up to a million.
Literally at the top of the tree is one remaining 198 square metre penthouse at $1.4 million.
The smaller tower is home to a rooftop garden, dining room, lounge and library, as well as a pool and gymnasium.
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Despite a challenging year, Mr Georgalis says Canberra has fared better than any other Australian city during the COVID-19 crisis.
“This project only has a handful of apartments left until it is completely sold out, which is a fair reflection of how the Canberra market has managed to push ahead of other Australian cities during the pandemic,” he said.
The project will be completed by the end of the year, with settlement in late January.