An Elanor Investors Group Fund owned prime site of 6,049 sqm Town Centre mixed-use development site sold for $14.0 million to Sydney based developer prior to the close of the Expressions of Interest campaign by Andrew Stewart and James Girvan of Savills Australia. 

Located approximately 6.8 km from Canberra CBD on a gateway site to the Belconnen Town Centre, the property benefits from significant frontage to Benjamin Way.  The Belconnen Masterplan allows for a 10 to 16 level mixed use development with residential, childcare, medical, office and limited retail.

The site is immediately adjacent to Belconnen Fresh Food Markets, where Elanor is progressing a significant redevelopment. The property also provides excellent access to additional retail amenities including Westfield Belconnen and large format retailers including Bunnings, Officeworks, BCF, Good Guys and Bing Lee.

Michael Baliva, Co-head of Real Estate at Elanor Investors Group confirmed “This sale is in line with Elanor’s strategy to reposition the iconic, but dated, Belconnen Markets into a modern, vibrant mixed-use precinct. Since completing the precinct’s new large format project in late 2020 introducing Chemist Warehouse and Petbarn as the first stage, we are looking forward to commencing construction of the new “Capital Food Market” in the near future.”

Sold through Andrew Stewart and James Girvan of Savills Australia with a delayed settlement allows the purchaser to secure its development approvals for the substantial town centre site.

Andrew Stewart Director at Savills Australia commented “The site boasts favourable town planning which encourages urban growth within town centres which attracted significant interest from both local and interstate developers.

“It also benefits from its proximity to key amenities including retail, education (Canberra University, Radford College, and Canberra High School), medical (Calvary Hospital) and public transport (Belconnen bus interchange, providing express services to the Canberra CBD).”

To request a sales analysis please email either of the Savills selling agents via the below contact forms.