Forrest mixed-use site sold at auction

Released 21/03/2017

A 1.3 hectare mixed-use site on the corner of State Circle and Canberra Avenue, Forrest, that could feature up to 168 dwellings, sold at auction yesterday for $20.1 million to GXXY Investment Pty Ltd.

Potential developments on Block 13 Section 13 Forrest will need to meet the National Capital Authority’s planning requirements but could include residential accommodation, a hotel or diplomatic mission.

LDA chief executive David Dawes said the auction result was a sign of confidence in the ACT market.

“This is a great result for the Territory and this site is now set to become a signature precinct befitting its high profile location,” Mr Dawes said.

“This site is a great opportunity for the purchaser to deliver a high-quality development next to Parliament House in Canberra’s exclusive inner south.

“Located on two major thoroughfares, Canberra Avenue and State Circle, this premium site is close to popular inner south locations and only a short drive to the CBD.”

All planning approvals for the Forrest site are the responsibility of the NCA.  The sale contract will include a statement that the NCA will require proposals to address the concerns of neighbouring properties in order to achieve Works Approval.

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