Released 09/08/2017
The purchase today of City 7 (the Bega Flats site in Reid) is another significant step in the renewal of the city precinct.
Bordered by Cooyong Street, Ainslie Avenue and Boolee Street, the almost-12,000 square metre CZ5 zoned site (Section 7 Reid) was bought by local developer Geocon for $38.5 million in an auction that had seven registered bidders.
City Renewal Authority interim chief executive Gary Rake said the high level of interest in the CBD site and the strong result were indicative of industry confidence in the city precinct’s ongoing renewal and growth.
“Renewal and growth in our city precinct are critical in accommodating Canberra’s growing population while making the city more vibrant, connected and sustainable,” Mr Rake said.
“With its proximity to Glebe Park, the Canberra Centre and the CBD, this site is a fantastic opportunity for a development that will have a positive impact on the area.
“This site has the potential for up to 350 dwellings and I look forward to seeing plans for a high-quality development that brings new residents into the city and improves the lives of the people who already use the area.”
The sale of the Bega Flats public housing site is part of the Commonwealth Government’s Asset Recycling Initiative, which provides a 15 per cent bonus to the ACT Government on the sale of ageing public infrastructure.
All remaining public housing tenants will be relocated prior to settlement, which is expected to occur during 2018. The ACT Government’s Public Housing Renewal Taskforce is replacing public housing sold through the scheme with 1,288 new sustainable public housing dwellings across Canberra.
Height limits and other development conditions for potential developments on City 7 are set out in the Reid Precinct Code.
- Statement ends -
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