Block 8 Section 85 Bruce was sold at auction today for $14.1m.
Selling Agents, Colliers International, sold the block on behalf of the Land Development Agency to a local developer, The Doma Group.
There were six registered bidders with some interest from interstate developers.
The site spans 3.4has with the potential for future building developments to occupy at least 2,500sq m gross floor area which can be used to build a hotel, motel, guesthouse and serviced apartments. Other uses include residential, restaurant and indoor recreation facility.
The site is bounded by Paget Street, Braybrooke Street, Kinlock Circuit and Ginninderra Drive, on the doorstep of some of Canberra’s best-known facilities – University of Canberra, AIS Arena and Canberra Stadium and Calvary Private Hospital.
Jim Shonk, Director Investment Sales at Colliers International, said the auction was keenly attended by a number of parties indicating the strength of the market and will see the advent of some long awaited commercial accommodation in the area.
“The price of $14.1m shows how eagerly the market has been awaiting the opportunity close to the University of Canberra and AIS”, he said.
Jure Domazet, a director of the Doma Group, said that the location and size of the site was very attractive. “This location appeals to a broad range of people and the size of the site allows us to create a diverse range of residential dwellings to accommodate their different needs with a mix of townhouses, walk-up apartments and lifted buildings”.
The Doma Group have recently purchased several other sites in Canberra. Bridgepoint is a premium lakefront residential development at Kingston Foreshore, and Dockside is a mixed-use development on the Kingston Foreshore Harbour. They have also purchased a 1.85ha site in Barton in a joint venture with the Morris Property Group.