Canberra developer Geocon has secured a versatile land parcel in the city's CBD for $24 million.

Located at 70 Allara Street, the substantial 7,640sqm* site offers multiple development outcomes and underpinned by a strong urban renewal program already underway in the ACT.

Savills ACT  Managing Director Andrew Stewart, who brokered the transaction with Stuart Cox, said the program had resulted in a shift toward creating dense urban precincts in Canberra's CBD.

At a glance: 

• A substantial Canberra development site has been sold to Geocon for $24 million.
• Situated at 70 Allara Street, the site comprises approximately 7,640 square metres and offers multiple development outcomes.
• The deal was brokered by Andrew Stewart and Stuart Cox from Savills. 

"These include Stage 1 of the Capital Metro Light Rail, the planned Civic to Woden Light Rail Stage 2 route, ACT Law Courts PPP and new ACT Government Headquarters," he said.

"All of these projects are located within a 10-minute walk of 70 Allara Street."

Both the National Land status and the 99 year Crown lease purpose clause (which expires in 2116) offers unrestricted residential uses for 70 Allara Street.

In addition, a broad range of complementary uses including office, retail and hotel further add to the site’s appeal which also includes a 25-metre height control limit and 96m* to London Circuit frontage.

The site is near the southern end of City Walk and the entrance to Canberra's dominant retail offering, the Canberra Centre.

Source: Savills 

Mr Cox said the convenience offered by this proximity would appeal to future residents and commercial occupiers of the site.

“We have had a significant increase in interest for residential sites close to transport, retail and education facilities from a mix of high net worth individuals, well-established local developers, interstate developers and student accommodation groups looking to capitalise on the economy recovering sooner than expected," he said.

The property is situated within an area identified as a future growth corridor and the immediate area is home to a number of large Commonwealth & Local Government departments.

These include the Department of Home Affairs, Murray Darling Basin Authority Department of Foreign Affairs and Trade and ACT Government (including new Headquarter building).

As well as a substantial presence from major occupiers, the immediate area is dominated by leisure facilities like Canberra Casino and Civic Pool which has been part of Canberra's history since 1955.

Mr Stewart said 70 Allara Street has the ability to push the development envelope.

“No gross floor area restrictions will ensure Geocon can create a landmark design and maximise the final development yield," he said.

Despite the implications of the Covid-19 global pandemic, 70 Allara Street was a sought after property with nine bidders in the first round shortlisted down to three in the final round.

*Approximately

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