Bega Flats site in Reid to be auctioned in August

The Bega Flats site, directly opposite the Canberra Centre on Cooyong Street, will be auctioned in August.

The 11,712-square-metre block, Section 7 Reid, is zoned for mixed-use development and expected to attract local, interstate and international interest.

Bordered by Cooyong Street, Ainslie Avenue, Boolee Street and Kogarah Lane, it is being marketed as “City 7”.

The redevelopment of the “ABC Flats”, comprising the Bega Flats, and the neighbouring Allawah and Currong buildings is part of the ACT government’s public housing renewal program.

The 25,630-square-metre Allawah and Currong site sold at auction in February 2016 for $47 million.

The ACT government is selling the Bega Flats site via LJ Hooker Commercial.

Agent Greg Lyons said the “landmark site” was smaller than the adjacent Allawah and Currong site, but had excellent street frontage to Cooyong Street.

“It is an older, mature suburb and will give the developer a chance to deliver a totally different product than what is available along Northbourne Avenue,” Mr Lyons said.

“I expect it will be a very high-quality development with immediate access to the retail and commercial centre.”

• Related: Braddon site sold for $47m
• Related: Lyneham site sold for $45m
• Related: Plans revised for Currong Flats site

It will be subject to different planning regulations than the Allawah and Currong site, which is positioned across Ainslie Avenue in Braddon.

The Bega Flats site is identified in the Reid Precinct Code and allows for a maximum of 12 storeys, or a height of 40 metres, scaling down to 16 metres on Kogarah Lane.

Director of urban projects Nicholas Holt said the site had the potential for about 350 dwellings.

“City 7 is located between suburban Reid, with its tree-lined streets, and the vibrant commercial and recreational areas of the Canberra CBD,” Mr Holt said.

“The successful buyer will have a great opportunity to develop a precinct that blends these two distinct areas together.”

The Bega Flats site was among 50,600 square metres of land slated for mixed-use, high-density living in central Canberra as part of this year’s ACT budget.

It is part of the federal government’s asset recycling initiative, which provides a 15 per cent bonus to the ACT government on the sale of ageing public infrastructure.

The ACT government’s Public Housing Renewal Taskforce is replacing public housing sold through the scheme with 1288 new sustainable dwellings.

The Bega Flats tenants will be relocated into updated housing prior to settlement.