A MAJOR Canberra building company has paid $8 million for two prime sites in Queanbeyan’s CBD, with aims to create a residential, retail and entertainment precinct including a boutique cinema.

The Village Building Company emerged from multiple developers after Queanbeyan Palerang Regional Council (QPRC) released the mixed-use sites and ran two rounds of expression of interest.

The sites include an amalgamation of 10-12 Rutledge Street, six Rutledge street and 257 Crawford Street and total over 5000 square metres.

While designs for the sites will commence next year, the company’s plans include high-density housing, a retail hub with two heritage buildings, and a boutique cinema.

QPRC CEO Peter Tegart said the development will bring more workers and residents to the Queanbeyan CBD.

“The buildings purchased by Village Building Company currently house QPRC staff in a mix of cottages and other buildings that are not fit for purpose,” said Mr Tegart.

“Some of those buildings are heritage listed and are expected to be refurbished and repurposed by Village for a better use than the office space and storage of records that they are currently being used for.

“We look forward to seeing Village’s development take shape in the coming years. While the concepts and plans will be exhibited for community feedback, the DA is expected to be determined by the independent Joint Regional Planning Panel.”

Outgoing QPRC Mayor Tim Overall the sale of the properties will see another step towards ensuring the vibrancy of the CBD.

“In particular we’re excited that Village Building Company proposes a boutique cinema in the redevelopment of the Rutledge Street properties”, said Mr Overall.