Being marketed as ‘the biggest little block on Northbourne’, 12 Wattle Street, Lyneham in the ACT is for sale through Tim Mutton and Andrew Balzanelli of JLL and Josh Reid and Shane Radnell of Colliers International. Previously it was the site of Macarthur House, an 8-storey office building which was demolished in 2018. The vendor is ACT Estate Management.
The now vacant block has an area of 13,663 sqm and a dwelling yield of 424. Being zoned mixed use development, its permit will include various uses such as multi-unit residential, retail, hotels, serviced apartments and commercial but should also include a supermarket, some community space and fifty affordable dwellings. The property, bounded by Wattle, Northbourne and Macarthur Streets, is ideally located in the heart of Canberra. It has the light rail at its door and is only just outside the Canberra CBD.
The site is being sold as part of the federal government's asset recycling initiative where the ACT government is selling older and no longer needed assets. The minimum reserve price is apparently $19 million.12 Wattle Street last traded at $6.5 million in 1992.