ACT government land auctions: Coombs multi-unit site sells for $4.6 million

The ACT government’s suburban land agency auctioned five parcels of land on Wednesday morning, but only one sold under the hammer.

Community sites in Amaroo and Charnwood were auctioned, along with two multi-unit and one mixed-use site in Coombs.

The largest site on offer was the mixed-use site in Coombs with a land area of 9304 square metres. It had a maximum dwelling number of 100, and of that 20 are required to be affordable dwellings as part of the ACT Housing Strategy.

Bidding for the site kicked off at $5 million, and there were bids for $5.5 million and $6 million but, after no further offers, it was passed in.

Coombs’ multi-unit sites were near identical. The adjacent blocks were both 6179 square metres and had a maximum dwelling number of 69 with 21 affordable dwellings required at both.

The site at section 3, block 3 sold for $4.6 million. Bidding for the site kicked off at $3 million, moved to $3.5 million and then rose in increments of $250,000 and then $100,000 before it sold. It was bought under the company name of ZBD Investments Pty Ltd.

The same name was also registered as the successful buyer of a Greenway multi-unit site in 2014. The Essence apartments by Coda Property Group was developed on the site.

The other site, at section 3, block 4 passed in at $4.3 million.

Amaroo’s community site attracted some bidding. It kicked off at $200,000 and moved in increments of $50,000 until the price reached $350,000 where the stride shortened to $10,000 before it passed in for $360,000.

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• Related: Multi-unit blocks go under the hammer at ACT government auction

Charnwood’s site attracted a similar level of bidding, starting at $250,000 and moving in increments of $50,000 before it passed in at $550,000.

It has CZ4 zoning, with the opportunity to develop residential on the site.

At the time of writing, negotiations are still underway on all the sites that were passed in with the highest bidders offered exclusive negotiating rights until midday Friday.

This comes after the ACT government sold more than $84 million of land last week at the auction of former public housing sites in Griffith, Narrabundah and Lyons. The Lyons block was the only one that passed in.