Geocon reveals the last stage of Reid development

Geocon has unveiled the last stage of its development on the Reid City 7 site.

Envie is the third stage of the precinct, following Metropol and Tryst which were offered to the market in late-2017 and mid-2018 respectively.

The precinct across from the City Centre sits on the former Bega Flats public housing site.

Expressions of interest open on Saturday for Envie, which will comprise of 90 apartments.

“[Envie] is the last stage of the site and it really is the best location, it’s a case of saving the best until last,” said Geocon marketing director Melanie Hindson.

There is a range of floor plans at the eight-storey development, with 32 one-bedrooms, 44 two-bedrooms, 12 three-bedrooms and one four-bedroom penthouse.

Ms Hindson described the development as “boutique” for Geocon and it has an emphasis on luxury with prices ranging from $484,000 to $1.35 million.

“They are luxury units, they are a bit larger, have timber flooring, waterfall-edge benchtops, and bespoke feature light pendants,” she said.

“It’s very much a luxury apartment complex, there is a private bar and relaxation room, chef’s kitchen, and garden terraces.”

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Envie will be eight storeys, with apartments on the top level to include individual rooftop terraces.

“You go up your own individual stairwell to your own terrace … some have views over Glebe Park, others towards Parliament House and a couple have views back towards Mount Ainslie,” said Ms Hindson.

Five ground-floor commercial units will also be at the development.

Geocon purchased the prime city site for $38.5 million in 2017. The sale was part of the territory government’s ACT public housing renewal project.

Ms Hindson said the site has been cleared and the prominent Canberra developer is currently waiting for development application approval, after applying in August last year.

The expected completion date for the precinct is the end of 2020.

Geocon has previously claimed to have a 50 per cent share of Canberra’s apartment market, with an array of releases coming on to the market last year including High Society and Grand Central Towers.

But the developer has no plans of slowing down in 2019.

“I expect this year will be bigger than our previous year,” added Ms Hindson.