Canberra developer Geocon reveals plans for 92 Northbourne Avenue site

Geocon has revealed plans to build a hotel, residential apartments and retail on a slice of prime Northbourne Avenue real estate.

The Canberra developer has snapped up the 6200-square-metre site at 92 Northbourne Avenue for $25,025,000.

Managing director Nick Georgalis said the project would include a 140-room Abode hotel, an extra 350 private residential apartments and retail.

“We are really excited about developing this blue chip site in Braddon, which is increasingly expanding as a fantastic precinct for retail, food and beverage, and inner city living,” he said.

“Located on the Eloura Street light rail stop, this will be the most significant development along the light rail route.”

In June an industry source confirmed Geocon had bought the site, which includes six-storey office building NRMA House.

Construction is due to begin in late 2017, with residents and hotel-goers set to occupy the building in early 2019.

It is the latest in a string of major Geocon developments across Canberra, bringing the value of the company’s acquisitions to more than $50 million.

Geocon is also developing Wayfarer in Belconnen, Southport in Tuggeranong and Infinity Towers in Gungahlin.

Mr Georgalis said the apartments built on Northbourne Avenue would share the design and amenity of rooms at Geocon’s other projects.

“Residents will enjoy unsurpassed community facilities like gyms, infinity pools, rooftop gardens and terraces, and wonderful spaces for them to meet and mingle,” he said.

CBRE’s Andrew Stewart and Mark Nicholls negotiated the sale of the site to GEOCON on behalf of general insurance group IAG.

Mr Nicholls said the sale had attracted significant interest from local and interstate developers.

“There were numerous drawcards for prospective purchasers, including the Braddon address and the proposed light rail via Northbourne Avenue,” he said.

“This, coupled with the Crown Lease, which permits residential and hotel uses, helped to attracted widespread buyer interest and we received a number of strong offers.”

Mr Stewart said the Braddon area had undergone a significant gentrification over the past five years, with old service industries relocating to make way for apartments and high-end retail.

“This has made Braddon one of the busiest precincts within Canberra, with the suburb also benefiting from its proximity to the Canberra CBD, the retail area of the Canberra Centre and the Australian National University.”