Sydney, Melbourne and Brisbane have all had their time as favourite locations for residential developers, but now it’s the Nation’s Capital that is capturing the imagination of local and international developers.
Recent sites that have been sold, and new sites that are becoming available for future development show that opportunities for residential developers in Canberra are continuing to grow.
One opportunity capturing residential developers’ attention is the new precinct Woden Green Estate – a location made up of 3 very unique sites that can house residential towers and various mixed-use options.
Located just 8km south of Canberra’s CBD, Woden Green Estate totals 14,996 square-meters and according to CBRE’s Andrew Stewart the Expression of Interest campaign has already been inundated with hungry developers.
“The sites already have over 40 enquiries on the EOI, and the campaign provides developers with a unique opportunity to purchase all three sites simultaneously or individually,” Mr Stewart said.
Interestingly, N12 (Woden Green Estate’s marker site) can also house a tower up to 25-26 levels with capacity of up to 550 units – something that isn’t commonly available for developers in Woden town centre, and demonstrates how the area is progressing.
“Woden Green Estate gives developers the flexibility to design a number of different schemes for the site,” Mr Stewart said.
“It also allows developers to capitalise on the surrounding leisure centres, offices, education establishments and transport routes – including the soon to be constructed light rail network.”
On the back of anticipated population growth, the ACT State Government has also revealed plans to revitalise Woden town centre in an effort to enhance the area’s liveability – including diversifying land uses to boost residential development and economic activity.
From the new master plan, the Government’s vision for the town centre is “a major commercial hub for the Woden Valley and wider Canberra region. It will be a place that attracts people to live, work, socialise and enjoy throughout the day and evenings”.
It is this revitalisation and projected population growth that indicates why Canberra, and Woden in particular, present unique opportunities for developers to get into a growing market.
Woden Green Estate’s Expression of Interest campaign closes Thursday April 20 at 4pm, and it will be interesting to see what goes ahead for the precinct.
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