One of the most significant development sites in Canberra’s history for sale

CANBERRA, 4 May 2023 – A landmark development opportunity spanning almost two hectares has come to market next to City Hill as part of the ACT Government’s renewal of Canberra’s City Centre.

Real estate services firm JLL has been exclusively appointed to sell the land, Block 1 Section 121 City via an international expressions-of-interest campaign, on behalf of the ACT Government’s City Renewal Authority.

This rare and city-shaping land release will see the creation of a multi-use precinct that will form a new gateway to the City Centre from the south and – with its focus on residential and retail space – have important flow-on impacts for the local economy.

The City Centre is one of the most tightly held and well sought-after residential markets in Canberra. Limited supply across Canberra has seen its vacancy rate remain one of the lowest in country and currently sits at just 1.8% versus the long-term average of 1.6% according to SQM research.

JLL’s Managing Director – ACT, Tim Mutton said, “With frontages to London Circuit, Edinburgh Avenue, Vernon Circle and Commonwealth Avenue, Block 1 Section 121 is one of the most significant development sites to come to market in Canberra’s history. Land release offerings have been extremely rare within the central city area, let alone one of this scale.

“This landmark site sits prominently on Commonwealth Avenue and is the ‘gateway’ to Canberra’s City Centre. The site provides 18,959 sqm of prime development land and presents an opportunity for developers to create something unique that will become part of the history of Canberra’s renewal,” said Mr Mutton.

The Canberra City Centre is currently going through its biggest transformation in recent memory. As the population grows and the ACT Government delivers on its urban densification goals, the City Centre continues to be Canberra’s biggest beneficiary.

Ongoing investment from private and public organisations has delivered the first stage of light rail, a new Magistrates Court and award-winning developments such as Constitution Place and Civic Quarter. In the FY23 Budget, the ACT Government also committed $28.477 million to the design of a world-class arts and entertainment precinct in Civic Square.

Mr Mutton said, “The sale conditions will ensure a sustainable and high-quality development fitting of its significant City Centre location. The new development can feature a combination of residential accommodation and retail space, as well as potentially office or hotel space.

“Block 1, Section 121 City provides an outstanding opportunity for developers to acquire a permit approved development site with endless potential and represents a true opportunity to shape the future of Canberra CBD. This will continue to bring more people into the City Centre and have flow on benefits for local business,” said Mr Mutton.

Pending completion of the sale, construction of the future development could start as soon as 2026.

International Expressions-Of-Interest for Block 1 Section 121 Division of City ACT close at 4pm, 4 July 2023 (AEST).