Developer has big plans for Northbourne Avenue site
Developer Art Group has paid $40 million for a 2.9ha site in the Northbourne Avenue Corridor in Canberra and has plans for a major urban renewal development.
The site at Blocks 1, 5 and 6, Section 77, Dickson is the first to be sold by the ACT Government as part of the redevelopment of the Northbourne Avenue Corridor. This redevelopment includes a $780 million light rail project running from Civic to Gungahlin.
In February this year the Canberra Metro consortium won the PPP contract for the construction of the light rail. The consortium includes the Australian subsidiary of Chinese construction company CCCC International Holdings, John Holland, CIMIC subsidiary Pacific Partnerships, Mitsubishi Corporation, Aberdeen Infrastructure Investments, CPB Contractors, Deutsche Bahn International, CAF and the Bank of Tokyo – Mitsubishi UFJ, Ltd.
The site brought by Art Group has a 0m frontage to Northbourne Avenue, 3km from Canberra’s CBD, and is close to the proposed light rail route.
It is understood Art Group, which builds under the brand Art Homes, plans to hold a design competition for its planned $400 million development on the site, which will include apartments, hotels, child care and other uses.
“The opportunity to acquire almost 3ha of land, not only on the main corridor into the CBD but right on the new light rail route, is an exceptional one,” says Daniel McGrath, associate director, Commercial Sales and Leasing at Knight Frank. “The site also provides the size and scale needed to create a truly remarkable urban village full of life and vibrancy.”
McGrath, along with Nic Purdue and Tim Holstbaum of Knight Frank, negotiated the sale at auction on behalf of the ACT Government.