After having been marketed as a ‘high profile development site’ by Andrew Stewart and Stuart Cox of Savills, the 99-year leasehold of 70 Allara Street, Canberra has been sold for $24 million.
It was sold by the Australian Government after having previously been occupied by the Werriwa Defence Facility. The purchaser is construction giant and local developer, Geocon, which was founded by managing director, Nikolaos Georgalis, in 2007.
The Crown lease that was offered can incorporate a number of different uses and comes with unrestricted gross floor area. Although primarily a residential opportunity, it can incorporate some mixed commercial and retail use. The exceptional 7,640 sqm site is situated in the middle of the CBD, within close proximity to City Hill Park and Canberra’s Olympic Swimming Pool, and only a short walk to Lake Burley Griffin and Commonwealth Avenue, which connects City Hill and Capital Hill, the location of Parliament House.