Sierra development finally to reach completion under new ownership

Under new ownership, the Sierra townhouses in Narrabundah are officially nearing completion, paving the way for residents to finally take possession and move into their new homes.

According to Colliers, Sierra was purchased by Madison Construction in a deal worth more than $15 million.

“Sierra at 20 Leahy Close was substantially completed when the original developer went into voluntary administration [in 2024],” Colliers head of capital markets & investment services ACT, Matthew Winter says.

He adds that many of the townhouses had already been purchased, but required extensive completion works prior to their new owners taking possession.

Colliers, acting on behalf of the receivers and managers, conducted a complex year-long campaign to secure a new owner.

“This property, whilst complex in nature, offered great potential for a developer who could step in and get the project over the line,” Winter says.

“We went out to market looking for that perfect fit and couldn’t be more pleased that following our successful campaign, residents are a step closer to settling into their new homes.”

It is expected that homeowners will be able to move in early next year.

Madison Construction has indicated it has made the completion of the townhouses a priority.

Colliers national director of development, Paul Powderly says Narrabundah is very popular due to its proximity to the employment, retail and dining precincts of the city, Woden, Parliamentary Triangle, Fyshwick, Manuka, Kingston and Russell.

“With such a prime location, we expected strong interest in Sierra and we were able to achieve a final sale price north of $15 million,” he says.