Light rail adds to Franklin appeal

Franklin’s growing retail centre, convenient location and position on the proposed light rail route has seen commercial space in the Gungahlin suburb snapped up at premium rates.

A diverse range of businesses have purchased all eight suites at Franklin’s latest mixed-use development, Aamira.

CBRE’s Mark Nicholls and Patrick Sammon negotiated the sale of the ground floor commercial spaces at 227 Flemington Road. The deals were made on behalf of developer Toafei (Australia) International Pty Ltd.

Sale prices varied from $415,000 for a 130-square-metre suite with two car parks to $650,000 for a 190-square-metre space with three car parks. Mr Nicholls attributed the positive result to a strong demand for commercial sites in the Franklin area.

“The majority of purchasers were owner-occupiers, however a couple of units were purchased by investors,” Mr Nicholls says.

“This demonstrates the increasing confidence buyers have in the long-term investment potential of the Canberra commercial market, especially those situated on the proposed Capital Metro route.”

The development enjoys a convenient location just 12 minutes from the heart of Canberra and within easy reach of the Gungahlin Town Centre. The strategic location between the two centres appealed to a variety of business operators. Tenants include a real estate agent, Asian grocery store, bike shop and office suites.

Each unit was designed to accommodate a range of uses and size requirements.

“The units were offered to the market individually or combined, catering for a variety of commercial office, restaurant and retail business,” Mr Nicholls says. “This increased the appeal of the sites to a variety of parties and contributed to the competitive sales campaign.”

Mr Nicholls says the nearby Woolworths has also lured commercial tenants to the area.

The addition of a light rail will only add to the appeal of Flemington Road as a commercial centre, with the first route set to travel down the corridor on the way from Gungahlin to the city.