Located at 70 Allara Street, the substantial 7,640sqm land parcel offers multiple development outcomes and was sold by Andrew Stewart and Stuart Cox of Savills Australia who said the site is underpinned by a strong urban renewal program already underway in the ACT and a shift to creating dense urban precincts in Canberra's CBD.
According to Andrew Stewart, “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. All of these projects are located within a 10 minute walk of 70 Allara Street” he said.
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.
70 Allara Street is just minutes off the southern end of City Walk and the entrance to Canberra's dominant retail offering, the Canberra Centre. The convenience offered by this proximity will appeal to future residents and commercial occupiers of the site.
According to Stuart Cox, Director, Residential Site Sales at Savills Australia, “ 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.”
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 Department of Home Affairs, Murray Darling Basin Authority Department of Foreign Affairs and Trade and ACT Government (including new Headquarter building). As well as 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.”
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.
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