Private commercial developer snaps up Franklin site

Franklin residents  will have to keep their curiosity in check over what will go up on a big block on Nullarbor Avenue that recently sold to a commercial developer.

However, the strong tip is that it is likely to feature a childcare centre and a medical practice.

The vacant 3558-square-metre site at 54 Nullarbor Avenue sold to a local, private investor for $2.51 million.  

Knight Frank’s Nic Purdue and Daniel McGrath managed the auction sale on behalf of a private developer.

Purdue says the level, regular-shaped property, with three street frontages, was in a prime location next to a near-completion Woolworths supermarket that would anchor a local shopping precinct.

“The greater Gunghalin area is experiencing rapid growth and this block was a fantastic opportunity for a developer to be a part of it,” Purdue says.

“This was one of last remaining big parcels of land and represents astute buying, especially being only one block back from Flemington Road, a major arterial road.”

Geographically, Franklin is the first suburb of the Gungahlin region and is centred around a mixed-use commercial, retail and residential junction on Flemington Road and Nullarbor Avenue.

A development up to four storeys is permitted on the site.

Purdue says the sale result definitely exceeded market expectations.

“The buyer has indicated a childcare centre is likely and this sale demonstrates the strength of that market in Canberra,” he says.

The development scheme allows for a childcare centre of up to 122 places. 

“The site also offers the option to build a medical centre which –  given the location and growth prospects –  also proved attractive to the buyer,” Purdue says.

He says the sale generated significant interest and there had been several registered bidders. 

“Throughout the campaign we experienced strong interest from interstate investors and developers.

“The ACT health and childcare markets are on the radar of buyers in Sydney, Melbourne and Brisbane and this is a trend we expect to continue.”