Five multi-unit sites in Coombs and Moncrieff sell for $25 million

Five multi-unit sites in Canberra’s burgeoning greenfield suburbs sold for more than $25 million at a Land Development Agency auction on Wednesday.

Upon completion, the three sites in the Molonglo Valley suburb of Coombs and two sites in Gungahlin’s Moncrieff will be home to about 300 dwellings.

The blocks were auctioned through Colliers International and each site sold for “well over reserve”, according to general manager of land marketing Shane Radnell.

Mr Radnell said 30 parties registered to bid and all blocks were snapped up by local developers for a total of $25.44 million. 

An 8713-square-metre block in Coombs achieved the highest price, selling for $8.2 million.

Block 3, Section 41 is zoned CZ5 for mixed use and offers the capacity for 45 to 103 dwellings, with retail opportunities on the ground floor.

It captures views across parkland and the Molonglo River corridor.

An 8307-square-metre block in Coombs sold for $6.1 million. The site is positioned at the gateway to the Molonglo Valley on John Gorton Drive and will house 55 to 88 dwellings.

The third Coombs site, Block 4, Section 39, sold for $3 million. The 3583-square-metre site will comprise 17 to 40 dwellings and is positioned next to a landscaped open space featuring the future community gardens.

Mr Radnell said the strong prices reflected a maturing suburb.  

The Moncrieff sites measuring 6196 and 6469 square metres sold for $3.99 million and $4.15 million.

The smaller site will house 21 to 44 dwellings, while the larger site is approved for 22 to 46 dwellings.

Both sites back onto the suburb’s future non-government school and are within a short walk to the group centre and community facility sites.

“Moncrieff is brand new and positioned at the northern end of Gungahlin,” Mr Radnell said.

“Land prices are a little bit lower, but as Gungahlin continues to grow it has become a popular place for home buyers.”

Mr Radnell said most of the buyers were interested in developing townhouses.

“The buyers were all locals who have been around for a long time and are well established in the townhouse market,” Mr Radnell said.