Multi-unit Denman Prospect sites sell for $10m

Three multi-unit sites in the new Molonglo Valley suburb of Denman Prospect have sold for a more than $10 million.

The three blocks are the first high-density sites to be offered in the suburb and Denman Prospect project director Nick McDonald Crowley said they could collectively house about 140 dwellings.

M3 Property purchased a 6338 square metre block that can accommodate up to 53 dwellings, while RAM Constructions secured a 4664 and 4352 square metres with approval for 46 and 43 dwellings, respectively.

The sites were sold via an expressions of interest campaign by the Independent Property Group and Colliers International for a combined total of $10.076 million.

Mr McDonald Crowley said he was surprised by the depth of interest the blocks received and the company fielded seven or eight expressions of interest for each site.

“There was very strong interest in the sites from local builders and RAM Constructions and M3 Property were ultimately successful,” Mr McDonald Crowley said.

“Both builders have a strong history of constructing quality, multi-unit housing and that is why we used an expression of interest process to select the partnered builders.”

Mr McDonald Crowley said high-density housing was a key component of the Molonglo Valley suburbs, including Denman Prospect.

Multi-unit developments will activate the suburbs’ arterial road, John Gorton Drive, which will act as a major transport link for Molonglo Valley residents.

“The days of sprawling suburbs won’t be around anymore because land is a scarce commodity,” Mr McDonald Crowley said.

“People are looking to a more compact style of living as that’s the size of space that people want to maintain.”

Multi-dwelling townhouse and separate-title terrace sites will be sold at a builders’ auction on Friday, September 9.

The general public will have their chance to bid for residential blocks on the following Saturday when 30 parcels ranging from 408 to 822 square metres go under the hammer.

Mr McDonald Crowley said 270 standard residential blocks have sold and the first residents are due to move in before the end of the year.

“The location of Denman Prospect, including the Arboretum in the front yard and the Stromlo Forest Park in the backyard, plus magnificent views back to the city and beyond to the Brindabellas, is proving highly attractive,” Mr McDonald Crowley said.

“We know that purchasers and occupants want convenience and amenity, and that is why we are currently in the process of gaining planning approval and building a first class local shopping centre for our suburb.”