GEOCON reveals plans for new inner city precinct
27 July 2016
GEOCON has revealed plans to build a new multi-use precinct in the heart of Canberra’s bustling Braddon district.
The developer has purchased the 6200m2 site at 92 Northbourne Ave for $25,025,000, where it will build a 140-room hotel under the Abode Hotels brand, 350 private residential apartments, retail spaces and restaurants.
“We are really excited about developing this blue chip site in Braddon, which is increasingly expanding as a fantastic precinct for retail, food and beverage, and inner city living,” said GEOCON Managing Director Nick Georgalis.
“Located on the Eloura Street light rail stop, this will be the most significant development along the light rail route, commencing in late 2017 and ready for occupancy in early 2019.”
Mr Georgalis said the new hotel would increase the Abode Hotels’ offering in Canberra to almost 1000 rooms by 2020, with another 52 coming on line in Murrumbateman by the end of this year.
“In addition, the private apartments will share the exceptional design quality and amenity that we are delivering at our other sites across Canberra where residents will enjoy unsurpassed community facilities like gyms, infinity pools, rooftop gardens and terraces, and wonderful spaces for them to meet and mingle,” he said.
CBRE’s Andrew Stewart and Mark Nicholls negotiated the sale of the site to GEOCON on behalf of general insurance group IAG.
The property presently comprises a six-level office building, known as NRMA House.
Mr Nicholls said the sale campaign had attracted significant interest from local and interstate developers.
“There were numerous drawcards for prospective purchasers, including the Braddon address and the proposed light rail via Northbourne Avenue,” Mr Nicholls said.
“This, coupled with the Crown Lease, which permits residential and hotel uses, helped to attracted widespread buyer interest and we received a number of strong offers.”
Mr Nicholls noted that the Braddon area had undergone a significant gentrification in the past five years, with old service industries having relocated to make way for apartments and higher end retail users.
“This has made Braddon one of the busiest precincts within Canberra, with the suburb also benefitting from its proximity to the Canberra CBD, the retail area of the Canberra Centre and the Australian National University,”he said.