Mega Dickson site on Northbourne Avenue sells for $40 million

A huge slice of land on Northbourne Avenue in Dickson sold under the hammer for $40 million on Tuesday.

The Art Group snapped up the 30,000 square-metre site, which was previously home to the Dickson Towers and Karuah public housing blocks, as well as the original tourist information centre.

The site includes 500 metres of Northbourne Avenue frontage and will incorporate 697 dwellings in a mix of configurations, a hotel, restaurants, retail outlets and a childcare centre.

Art Group director Johnny Roso said the development would be a “world-class precinct” with a village atmosphere.

Knight Frank associate director of institutional sales Nic Purdue said the agency received 115 inquiries during the course of the campaign from both national and international parties.

Four local developers registered to bid on the day, with the bidding starting at $18 million.

Bidding between two parties pushed the price above the $30 million mark. When bidding hit $36 million, auctioneer Richard Keeley announced that the block was on the market.

Mr Purdue said the result was in line with his expectations and it demonstrated the value buyers had placed on the land.

“This is an opportunity for the developer to create a precinct,” Mr Purdue said.

“I think we’re going to see another NewActon or Kingston Foreshore.”

The demolition of Dickson Towers in February, marked the beginning of urban renewal along Northbourne Avenue.

A number of heritage-listed former public housing buildings have been left on the Dickson site and will be incorporated into the new development.

Dickson Towers has been unoccupied since 2015 and the site will settle in 2017. The Karuah blocks tenants are being relocated, with settlement to follow in 2018.

Settlement will commence on the old tourist information centre site in 2019 once construction of the Gungahlin to city light rail route is complete.

Mr Roso grew up in Dickson and said he had his sights set on the block for a long time.

He said the 500 metres of Northbourne Avenue frontage, its proximity to Dickson and its position on the prospective light rail route were major drawcards.

Chief Minister Andrew Barr said the sale demonstrated “the wider benefits of investment in a city-wide light rail network.

“The sale today is further evidence that light rail acts as both a public transport and city building project for Canberra,” Mr Barr said.

“Dickson on Northbourne, along with future government land releases and the private development of more sites along Northbourne Avenue, will allow even more people to live, work and play close to schools, businesses, first-class amenities and world-class public transport.”

The sale of the Dickson site will raise money for the Capital Metro project.

Plans for the precinct will be released in coming weeks.

The North Canberra Community Council previously expressed hopes that the development would be a quality build and incorporate a mix of housing types.

Mr Roso said the precinct would include a variety of apartments and townhouses.

I think we can do something really special there for the community,” Mr Roso said.