The southern gateway to Canberra city is set to be bolstered with the addition of more than 1000 residential apartments.
Morris Property Group has plans to develop Section 100 after buying the site for $85 million from City West Property Holdings this year.
Formerly known as Section 63, Section 100 is a 2.6-hectare site, currently serving as a carpark, that sits between London Circuit and Vernon Circle.
“Section 100 is the first part of the city centre people hit when coming in from the south on Commonwealth Avenue,” said Colliers International state chief executive Paul Powderly.
“It is smack in the middle of a major employment hub, which includes many Commonwealth government departments, and is of course a short walk to the city’s shops and restaurants.”
Colliers International will be managing the sales of the development.
Section 100 will be developed in four stages, and in addition to the apartments it will also offer parking and retail. Work on stage one is set to start soon.
“Each stage will be unique but contribute to a cohesive whole, which will be a precinct people will be excited to live in, work in or visit,” said Powderly.
“Fencing will be going up in coming weeks at which point more details of the development will be unveiled.”
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The site has been in a state of limbo since it was sold by the ACT government more than 10 years ago.
“It was initially sold by the ACT government back in 2007 but to date has not been developed despite its significant potential and outstanding location,” said Powderly.
In 2007, the block was bought by Mirvac in a joint venture with Leightons for $92 million. A $755 million development was slated for the site but because of the global credit crisis, plans were halted, according to a report by The Canberra Times.
Powderly said Morris Property Group development will “breath new life into this prominent part of our city” and intends to design the development for multi-generational living.
“Morris Property Group has been operating in Canberra for 40 years and is still a family run business,” he said.
“[This] sense of family will be at the heart of this development … as families take advantage of the lifestyle opportunities Section 100 will present; and for older Canberrans seeking a quality, easy care home … while being part of the community and social life of the precinct.”