Canberra, 29 September 2013- A site at the Kingston Foreshore major urban renewal program has been purchased by prominent local developer, Doma Group.
Responsible for some of Canberra’s newest and most cutting edge developments, Doma Group has secured Site 2 for $11.7 million in a competitive tender from the Land Development Agency.
Comprising approximately 6,825sqm, the site can accommodate up to 120 residential dwellings, as well as commercial and retail space.
Andrew Stewart, CBRE’s ACT Managing Director, marketed the unique property and said that numerous enquiries were received from both local and national developers.
“Potential buyers are now starting to see the vision of the Kingston Foreshore project with residential projects completing and restaurant tenants moving in. The development is definitely starting to get more of a community feel,” said Mr Stewart.
“Whilst overall interest in the site was strong, including developers from interstate, it is pleasing to see a local developer, who has a strong association with the overall redevelopment of Kingston Foreshore, re-invest in the area. It further points to the strength of the Canberra property market and confirms their faith this is one of Canberra’s best precincts.”
Jure Domazet, Managing Director of Doma Group said that the Kingston Foreshore is a perfect match for the type and style of development Doma Group wants to be associated with.
“We have been intimately involved with the area and feel we have an excellent insight to develop and deliver what the market wants,” said Mr Domazet.
Gavin Edgar, General Manager Development, Doma Group, added; “Kingston Foreshore fits in well with our development pipeline and we are really excited about this unique site. Having just finished the mixed use development known as “Dockside”, this will be the Group’s fifth development at Kingston Foreshore”.
Maree Harman, Director CBRE Residential Development Valuation Specialist also commented; “Market evidence suggests there remains a depth to the city and inner city suburbs unit market with continuing pre-sales occurring with minimal or zero price reduction and in some cases slight increases have been achieved in re-sales.”
Mr Stewart continued “strong investment within the Kingston Foreshore clearly demonstrates the faith Doma Group have in the Canberra property market.”
The Kingston Foreshore redevelopment is a major urban regeneration project on the southern shore of Lake Burley Griffin.
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