Denman Prospect stage two sold for $135.85 million to Capital Airport Group

The ACT government has sold the second stage of Denman Prospect to Capital Airport Group for $135.85 million.

The developer negotiated for Denman Prospect stage two, which includes land for up to 1200 dwellings, as part of its successful 2015 tender for stage one.

Capital Airport Group purchased stage one for $241.3 million.

Stage one, which was split into two construction stages, included land for about 1000 single-residential dwellings and up to 1500 multi-unit dwellings.

Land Development Agency acting chief executive officer Neil Bulless said the sale was a great financial result for the government and a good result for the territory.

“Having the same developer continue on to the second stage of this suburb will allow for a consistent approach to design, coordination and efficiency of delivery,” Mr Bulless said.

Denman Prospect project director Nick McDonald Crowley said Capital Airport Group aimed to deliver ” a master planned community with thoughtful design guidelines to create an elegant, impressive and memorable suburb”.

“We will have the right infrastructure in place to meet the needs of residents before the critical mass arrives,” Mr McDonald Crowley said.

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Most stage two dwellings will be single residential and the stage will also include a community park, a school site and associated playing fields.

Mr McDonald Crowley said sustainability was a key focus of the suburb and each home will be powered by a minimum three-kilowatt solar system.

“This development will also support Homes for Homes, a social housing project focused on reducing homelessness in the ACT,” Mr McDonald Crowley said. 

“A donation of 0.1 per cent of the proceeds of all land sold will go towards the project, while 20 per cent of the development will be devoted to affordable housing.”

Stage two construction is expected to start in 2018 and take about five years.

The first land releases in stage two are expected in 2019.

The suburb will have about 4500 dwellings once complete.