Canberra's CBD is set to creep closer to Lake Burley Griffin with the sale of a key block of land near City Hill. More apartments, a new hotel, and parkland will be part of the transformation of the area that's currently a work site for the light rail expansion.
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00:00Sold to the highest bidder, this prime city block has gone for $66 million.
00:08Once London Circuit has been raised for light rail, a new city precinct will in turn rise up.
00:14The major transformation that is going to occur is that the human population will significantly outnumber the rabbit population in this part of the CBD.
00:23The Capital Property Group was the successful bidder, with the sale conducted via a government tender process.
00:29The 19,000 square metre block sits between Vernon Circle, Edinburgh Avenue, London Circuit and Commonwealth Avenue.
00:36A high-end hotel, office building and four residential buildings are planned in all 502 apartments,
00:43with 76 or 15% of those mandated as affordable housing, rentals at 75% of the market rate.
00:52We are favouring long-term bill to rent because that ensures that the product is always available for those who need it most.
01:00Capital Property Group has several projects in the city and suburbs alike and is owned by prominent Canberra family, the Snows.
01:07Our family and dad have always had a massive interest in the CBD of Canberra.
01:12It's not about a personal legacy, it's about a legacy that helps build our city.
01:16The government says the sale will help to offset the cost of Light Rail Stage 2A and future residents will provide further income.
01:23The site will be generating tens of millions of dollars of revenue annually through the rate system.
01:29Project that out over the course of this century and more than a billion dollars of revenue will be generated on that site.
01:37The project will require approval from the National Capital Authority and multiple territory agencies.
01:42The precinct is expected to be completed within a decade.
01:46For more information visit www.fema.gov