The Suburban Land Agency has sold Braddon Place for $28 million to JWLand following the Agency’s first online auction last week.

Following a successful nationwide real estate campaign, the sale demonstrates confidence in the ACT commercial market. Despite the recent uncertainty due to COVID-19 it is pleasing to see this outcome as it will support the building and construction industry.

“The Suburban Land Agency is working to ensure mixed use developments are part of Canberra’s busy districts. The city is growing rapidly and the commercial, residential and community opportunities of significant development sites are within fast growing urban areas in major commercial precincts,” Suburban Land Agency Chief Executive Officer, John Dietz said.

“The sale of Northbourne’s Braddon site will certainly contribute to Canberra’s good urban design. As part of the gateway to our city, it’s a wonderful opportunity for a liveable and vibrant place with quality public domain and buildings,” Mr Dietz said.

Adjacent to Canberra’s CBD, Braddon Place provides a very significant opportunity to create something that Canberrans can be proud of. The site will provide a rich social mix as well as significant public benefit and a development that contributes to the activity and vitality of the precinct. It will also have a requirement for 10 community housing and 80 affordable housing dwellings.

The successful sale of Braddon Place also bodes well for the Macarthur on Northbourne tender which draws to a close on 13 August 2020. The site is on the corner of Northbourne and Macarthur Avenues and offers a similar scale of development with up to 424 dwellings including 50 for affordable housing. The development of Macarthur on Northbourne will create an exciting new precinct centrally located between Braddon and Dickson and adjacent to a key light rail stop.

Other recent sales include last week’s sale of the Phillip site (Block 2, Section 180) to the Doma Group for $12.5 million ­- an excellent result for the Woden town centre. In terms of other significant multi-unit developments, there is strong interest in our Taylor sites with all blocks now under offer.

“We are extremely pleased with these recent sales and we are confident they will contribute to achieving quality development outcomes across Canberra,” Mr Dietz concluded.

Statement ends

 

Media contact:

Ms Mayumi Piper
T (02) 6205 3146
E mayumi.piper@act.gov.au
Suburban Land Agency