Local property development company JWLand has secured the mixed-use Braddon Place site on Northbourne Avenue for $28 million.
The Suburban Land Agency confirmed the 15,607sqm site, Block 4 Section 60 in Braddon, had been sold to the property developer under the hammer in the agency’s first online auction.
The site was previously home to public housing along the Northbourne Avenue corridor, and comes with a requirement for 10 community housing and 80 affordable housing dwellings. The maximum dwelling yield for the site is 602, including the minimum 90 affordable dwellings.
JWLand’s national head of development, Michael Prendergast, said the company would begin working with stakeholders in the coming months to “design a precinct that will complement the characteristics of this area”.
“With construction commencing next year, this new development site will aid in stimulating the local economy with a further 2,000 jobs,” he said.
“The Inner North apartment market is proven and has great diversity,” he said. “The area has matured and commands significant interest due to its proximity to the city, universities and its surrounding café and bar culture.”
Suburban Land Agency CEO John Dietz said the agency was working to ensure mixed use developments are a part of Canberra’s busy districts, and the sale of the Northbourne Avenue site would “contribute to Canberra’s good design”.
“As part of the gateway to our city, it’s a wonderful opportunity for a liveable and vibrant place with quality public domain and buildings,” he said.
“The city is growing rapidly and the commercial, residential and community opportunities of significant development sites are within fast growing urban areas in major commercial precincts.”
The Suburban Land Agency hopes the sale of Braddon Place will bode well for the sale of the Macarthur on Northbourne site. The tender for the up to 424 dwelling site closes on 13 August.