More land released at Kingston Foreshore's Peninsula precinct

One of the last slices of land left at the Kingston Foreshore’s Peninsula precinct will be sold at auction next month.

Up to 100 dwellings are permitted on the 3697-square-metre waterfront site, which will be auctioned on June 15.

Block 2, Section 67, or Site 14, is zoned for a hotel or mixed-use development, similar to other projects in the area.

It is the first Peninsula site to be released since mid-2014.

CBRE ACT managing director Andrew Stewart and agent Mark Nicholls and Independent Property Group project marketing director Wayne Harriden are selling the block on behalf of the Land Development Agency.

The Doma Group bought a similar-sized, 3681 sq m block of land, Bridge Point, for $9.8 million under negotiation several years ago.

Mr Stewart was reluctant to estimate how much the latest parcel of land could fetch under the hammer – or compare it to previous Foreshore sales – due to its location and the number of off-site works required by the developer.

However, he said the block – the 14th development site to be sold at the foreshore since 2007 – was in high demand.

“We’re already getting enquiries from interested developers,” Mr Stewart said.

“Every property in there should have water views.

“Site 14 really is the best of the best … Over the past nine years, [the] Kingston Foreshore has continued its popularity with each land release attracting strong, more diverse developer interest.”

Mr Stewart said the relocation of the Capital Lakes Rowing Club across Lake Burley Griffin had delayed the sale of the land, rather than the decommissioning and relocation of the Causeway Switching Station.

Mr Nicholls said the upcoming auction was an opportunity for a developer to make their mark on a “landmark urban renewal project”.

“Kingston Foreshore is widely regarded as one of Canberra’s most prestigious residential locations and, as such, we expect this site to attract strong interest from residential developers and hotel operators looking to capitalise on the premium waterfront position,” he said.

Mr Harriden said units with waterfront views in other Foreshore developments, such as Element, Ateilier, Azure and existing projects at Peninsula, had been snapped up quickly, including through resale.

“There has also been outstanding demand for penthouse apartments that offer views across Lake Burley Griffin, with these prestigious properties generally the first to sell,” he said.

The largest block of land released in the Kingston Foreshore region, a 13,086 sq m site between the First Edition residential precinct and the Causeway, sold at auction for $14 million in March, 2015.