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GENERAL PROPERTY

ACT govt selling development opportunity

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THE ACT Government’s Suburban Land Agency has listed a 10,513 sqm Monash site for sale in the latest part of its Asset Recycling Initiative program, with the Clive Steele Avenue property earmarked to make way for a child care, aged care or medical centre.

The listing follows the Agency netting more than $100 million from the sale of five former public housing sites under the hammer in March, and a sixth that sold one week after the auction.

In the latest offering, Block 14 Section 56 Monash will be auctioned at 11am on 19th June at the Ainslie Football Club, and is being marketing by Colliers agents Josh Reid, Matthew Winter and Dominic Aungles.

“Monash sits in the centre of a region home to over 70,000 people. Nearly two-thirds of families have children, but the population is also ageing and the number of residents over 60 years of age is approaching 20%”, Reid said. “We expect the local demographics will make it attractive for the full variety of uses it is zoned for and therefore attractive to a number of potential buyers.”

The site’s permitted uses include an aged care facility of up to 30 dwellings, medical centre or childcare centre.

“Monash is close to a range of amenities including the Tuggeranong Town Centre, which is a major local employment hub, and this site has good access to public transport.”

The recently divested properties saw five sites in the inner south locations of Griffith and Narrabundah sold to local developers at an auction event through Colliers and JLL.

Four were located in Griffith – all parts of the divided Stuart Flats site of 12,080 sqm – and sold for a combined $63.87 million. Three were picked up by Morris Property Group and Tony Yeend, and the fourth by Bisa Property’s Daniel Bisa.

The Gowrie Court site in Narrabundah of 13,775 sqm sold for $20.355 million to JGS Property’s Jim Service and has potential for up to 177 dwellings.

Passed in at the event, the 23,289 sqm site formerly home to the Strathgordon public housing complex sold a week later for $16.4 million.

AJP Projects Pty Ltd bought Block 1 Section 70 in Lyons, on Melrose Drive and opposite the Woden Town Centre. The site has potential for up to 492 dwellings.

Each of the six sites are zoned RZ5 high-density residential, and were offered with approval to demolish the vacant buildings, or the option to repurpose some of the existing infrastructure.

The ACT government had earmarked the properties for divestment and redevelopment in 2014.

Meanwhile, the Suburban Land Agency and the Corkhill family’s joint venture, Riverview Developments, has just released 122 blocks within the Ginninderry housing development in West Belconnen to a public ballot.

They range in size from 250 and 810 sqm and are priced from around $204,500 to $479,000.

Australian Property Journal