Farming block among latest Mr Fluffy release

A 97,100-square-metre farming block is among the latest 55 Mr Fluffy blocks to be sent to market in what is the last major release of the asbestos affected blocks.

“There may be residual blocks that come onto the market in the future, but not in the numbers that have been released to date. This will be the last major auction in the programme,” said Colliers International Land marketing executive Peter Scott.

The farming block is in Coree, located in the Cotter Catchment, and is the largest affected Mr Fluffy block in the ACT.

“Coree is located approximately 27.3-kilometres from Canberra’s CBD,” said Mr Scott.

“[The property] presents an opportunity to build a rural retreat with spectacular views over the Murrumbidgee River and Black Mountain Tower.”

Mr Scott said the expected price range for the auction is between $300,000 to over $2,000,000, approximately.

The remaining blocks included in this final release range in size from 536 square metres to 1330 square metres.

Torrens will have the most blocks on offer (15), followed by Wanniassa (9) and Charnwood (8).

A majority of the blocks are zoned as RZ1 and there is one heritage block in Ainslie.

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There have been low clearance rates at Mr Fluffy auctions, with the most recent auction in May only selling six of the 23 blocks. However, Mr Scott said since the auction they have sold more than 50 blocks via private sale – nearly one per day.

A total of 1023 properties in the ACT were listed as being contaminated with Mr Fluffy asbestos in 2015.

To date, 849 blocks have been released to market, with 793 going under the hammer. Mr Scott said there are currently 74 blocks for sale – not including those yet to be auctioned – with 26 under offer.

Mr Fluffy blocks have contributed to an increase in development applications for dual occupancies in Canberra. The Territory Plan Variation 343 allows for a dual occupancy development on any block over 700 square metres, so long as it meets certain planning criteria.

“In the upcoming auction, the majority of blocks on offer are over 700 square metres [and] some of these will be suitable for dual occupancy,” added Mr Scott.

The auction will take place on September 4 at the Hellenic Club in Woden from 11am.