Resort-style apartment development Southport planned for Tuggeranong
27 February 2016
A new resort-style apartment complex is planned for the Tuggeranong waterfront and the development is already attracting strong interest.
The 360-apartment complex, called Southport, will be launched on the market next month.
The development will contain a 25-metre lap pool, a separate leisure pool, a 200-square metre gym, a sauna and extensive private gardens and laneways.
There will also be a viewing deck where residents and guests can enjoy views over Lake Tuggeranong and the mountains.
Canberra developers Geocon purchased the 7285-square metre block at the Southquay Greenway precinct for $5.4 million in October.
Managing director Nick Georgalis said the company had moved quickly to develop the site and was keen to offer Tuggeranong and the wider Canberra market something different.
He said while the apartment market was still challenging in the territory there was still demand for quality projects.
“It’s a very tough market out there still; we want to be delivering projects with amenity and to provide that amenity they need to be large projects,” Mr Georgalis said.
“Having a bunch of developments gives developers space to compete in and then by default the market, or the consumer, gets a good offering as well.”
Independent Property Group project marketing director Wayne Harriden said he expected strong interest in the development because of the high amenities and design.
“The time and energy that’s gone into putting the amenity in and the end result is just exceptional for Tuggeranong,” he said.
There have already been 800 registrations in the Southport development, which has been designed by Cox Architecture.
The new waterfront precinct of Southquay Greenway has proved popular with developers since land has been released at the site.
The ACT government sold five blocks of land last year for $18.7 million and a further two sites sold for a combined $5,506,000 on Wednesday.
The sites sold this week were the last available for boutique development.
The Land Development Agency will release the last multi-unit site on the western side of the lake next financial year and the eastern side will be the next in line for sale.
The Southport development will be completed in two stages – the first will consist of 176 apartments and the second is still to be confirmed.
Construction is expected to begin in October.