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Wednesday, May 19, 2021
BAL Lawyers
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$500m Founders Lane development tops out

JWLand’s national head of development, Michael Prendergast (left) with Master Builders ACT CEO Michael Hopkins.

In a significant milestone for JWLand’s Braddon development, the final stages of Founders Lane ‘topped out’ yesterday, Tuesday 20 April.  

The third and fourth stages of the development – Dawn and SOL – are expected to be completed by the end of the year, with the first residents to move in in early 2022.

Across the two buildings, the final stages will comprise 448 one-, two- and three-bedroom apartments, which will see the entire precinct home to 781 apartments as well as commercial spaces.

National head of development at JWLand, Michael Prendergast, said the topping out of the final stages marks another milestone for the company, as it is the first project JWLand has undertaken with its own construction division.

“By controlling the process from planning and design, right through construction to the sales and marketing of our projects, we can ensure that a higher quality result is delivered to our occupants,” he said.

The $500 million project promises to transform its locale between Braddon and the City into a vibrant urban precinct, something that’s already begun with the completion of the development’s first two stages.

Masters Builders ACT CEO Michael Hopkins said the topping out milestone was all the more significant given construction on the final two buildings began in May last year in a time of economic uncertainty.

“At a time when jobs were in jeopardy and the future looked challenging, JWLand pushed ahead with construction,” he said.

“Projects like Founders Lane have an incredible economic benefit, with every $1 spent resulting in $3 in economic return and thousands of local employment opportunities.”

SOL saw an uptick in sales activity due to HomeBuilder, JWLand’s Nick Babic told Canberra Weekly earlier this year, with many sales coming from first home buyers taking advantage of the Federal Government grant.

“We ended 2020 with strong sales results and have had a very positive start to 2021 as well.”

The Founders Lane milestone was marked by a topping out ceremony on site, with a tree raised to the roof as per tradition.

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