Section 52 Braddon in the nation’s capital went to auction last week and sold for $47 million to SHL Development – a Canberra based developer currently undertaking the large C5 development in nearby Campbell.
This large scale project of more than 500+ units appealed to experienced developers who can design a flagship mixed-use development that will leverage the potential within Canberra's CBD.
With access to and from the CBD set to become easier with construction of the Capital Metro light rail earmarked to begin in 2016, this opportunity to buy and develop this site was unparalleled in Canberra.
The site was sold via a restricted auction. There were eight registered bidders including local developers Morris Property Group, Amalgamated Property Group and Doma Group.
Shane Radnell, General Manager of Residential Land Marketing at Colliers International said “The successful sale of Section 52 Braddon marked the first site to go under the hammer as part of the ACT Government’s Public Housing Renewal Program. This renewal program with breathe new life into these public housing assets that are beyond their useful use by date and in some cases derelict.”
“The development of more than 500 luxury apartment and town homes on this site will further add to the burgeoning Braddon arts and retail precinct and one in which the city has been waiting a long time for,” Mr Radnell said.
Paul Powderly, State Chief Executive at Colliers International congratulated the ACT Government on this significant sale and expects that future releases within the Public Housing Renewal Program through Canberra’s inner north and inner south will continue to attract substantial interest from major developer groups generating significant economic activity.
For further information contact Shane Radnell and Paul Powderly.