Land for Tuggeranong’s Southquay goes for $10 million

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BIDDING by 11 registered parties has seen three multi-unit sites at the new waterfront development at Southquay in Greenway sold at auction for a total of $9.705 million with all blocks being purchased by local Canberra developers.

The largest block is 7,385sqm fronting Anketell Street. It permits the building of up to 185 dwellings as well as commercial space at street level, and was bought by GeoCon Land Holdings for $5.4 million.

The 2,236sqm block facing Lake Tuggeranong allows for the construction of up to 34 dwellings and was purchased by Cartel Construction Pty Ltd for $2.075 million.

The remaining block of 2,278sqm faces the newly created parkland and permits the construction of up to 54 dwellings. It was sold to ZBD Investment Pty Ltd for $2.23 million.

“This successful sale follows the keen interest that was shown when the first offering of blocks in the Southquay development were sold in March and it is certainly encouraging that so many local developers were here today enthusiastically bidding for these premium sites,” said Clint Peters, Sales Director for the Land Development Agency.

“Southquay is a very unique offering providing views over the Brindabellas and Lake Tuggeranong, while also being within an easy walk of the vibrancy of the Tuggeranong Town Centre and excellent public transport.

“I have no doubt that when apartments and townhouses come onto the market they will be eagerly sought by a range of Canberrans, not the least of who will be those who have lived in the Tuggeranong Valley for many years, are now empty nesters, are looking to downsize, but want to stay an area they know well.

“Southquay will change the way people look at the Tuggeranong Town Centre and I am confident that future land releases will also be popular.”

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