Million dollar sales currently only account for 7% of Canberra's property market, but their numbers are rising.
A rare opportunity to develop a large slice of land opposite Parliament House has hit Canberra’s property market.
The 13,300-square-metre site at the corner of State Circle and Canberra Avenue in Forrest was officially listed for sale on Saturday.
A “building of national significance” is slated for the prominent block.
An aerial image showing the 1.33-hectare development site in Forrest, which will go under the hammer in March. Photo: ACT government
The precinct could include residential or hotel accommodation or a diplomatic mission, according to the Land Development Agency.
Chief executive officer David Dawes said a maximum 168 units was permitted on the site.
The land, block 13 section 13 Forrest, will be auctioned through Knight Frank on March 21.
Selling agent Daniel McGrath said the site was more likely to be snapped up by a developer looking to build residential dwellings, a hotel or a combination of the two.
He said the auction was set to become one of the most significant sales of the year.
“The buyer can really make their mark and deliver a quality development in a prestige location,” he said.
“It’s a very significant site for the inner south, particularly with the Kingston Foreshore nearing completion.
“It’s probably one of the last opportunities to buy on State Circle in the parliamentary precinct, adjacent to Parliament House.”
Mr McGrath said interest was already flowing in from large-scale residential developers and hotel developers and operators.
“We have received strong interest in the pre-marketing stage from national developers and investors, as well as interstate and even internationally,” he said.
“It’s a pretty exciting opportunity.”
He did not give an indication of how much the site could go for but said he expected a lively auction.
It’s not the only large-scale central Canberra site to be sold by the Land Development Agency in this financial year.
Tenders for the 25,000-square-metre Lyneham on Northbourne will close on March 15.
Mr Dawes said the release and sale of the Forrest site was a “rare opportunity” to develop land next to the Parliamentary Triangle.
Any plans will need to be approved by the National Capital Authority.
“Block 13 Section 13 Forrest is a fantastic opportunity for the successful purchaser to develop a building of national significance in line with the National Capital Authority’s zoning,” he said.
“Its actual use, consistent with its zoning, will be a matter for the purchaser of the property.”
The site will be auctioned on Tuesday, March 21 at 11am at the National Press Club of Australia.
For more information, visit: www.lda.act.gov.au