Canberra's Land Development Agency (LDA) has appointed CBRE to steer the sale campaign for one of the capital's best residential development sites, the Canberra Brickworks.
The iconic 16ha Canberra Brickworks site is a key infill site in Yarralumla, one of Canberra’s most esteemed suburbs which is also home to a number of embassies and the Governor-General’s residence.
CBRE’s Andrew Stewart and Mark Nicholls will manage the sale campaign, which is forecast to generate significant local and national developer interest given the scale and scope of the site.
There is the potential to develop up to 380 residential dwellings on the site, in addition to a mix of other uses, which could include hotel, retail, cafes, restaurants, recreational and health facilities, aged care and retirement living.
Mr Stewart said CBRE had calculated that the residential component of the site alone could have an anticipated end value of more than $500 million.
“The site has significant potential and provides an opportunity for a developer to create a showpiece for urban renewal,” Mr Stewart said.
“The ACT government is seeking developers who understand the opportunity juxtaposed with the significance and history of the site, with the vision being to repurpose this highly valued landholding and create a vibrant new community.”
The Canberra Brickworks was established in 1913 and has played a significant role in the building of the nation’s capital, with the iconic red bricks featured in many of the city’s homes and significant government buildings, including Old Parliament House and the Hyatt Hotel Canberra.
Mr Stewart said the site’s desirable location, just 3.5 kilometres from the Canberra CBD, would be a key drawcard for developers.
“Situated on the southern shore of Lake Burley Griffin, next to the Parliamentary triangle, Yarralumla is one of Canberra’s most recognisable and prestigious suburbs with a median property price of $1,135,000 compared with the Canberra median of $620,000,” Mr Stewart said.