Geocon's $250 Million Canberra Development Given Green Light

The ACT Government has approved Geocon's $250 million Central Park Gungahlin complex, set to become the suburb's first high-rise residential development.

Making up three towers with the tallest reaching 70 metres, the Planning and Land Authority gave its approval just before a 23 metre height restriction was placed on all new structures in Gungahlin.

According to the Canberra Times, the approval came with conditions, the construction only allowed to begin once the ACT Water Authority approves a plan to improve sewerage on the site.

The 17,264 square metre block will hold around 550 apartments when the project is completed by 2019. It will be one of the tallest towers in Canberra after the Telstra Tower and the second tallest residential buildings after Geocon's Wayfarer Tower in Belconnen.

Geocon managing director Nick Georgalis told the Canberra Times the project's market release will be well timed.

"It's certainly been a substantial period of time that we've waited to get to here, but I think the timing of it is excellent to get to release next year," he said.

"We know Canberrans like north-facing waterfront towers, for that solar access, and having the water view like many of these units do is going to be very popular."