'Once-in-a-decade opportunity' for Canberra developers

Commercial land of any significant size is in short supply in Canberra, with no relief in sight in terms of new land releases.

That likely means there is a level of pent-up demand, especially for those businesses that need large landholdings to run their operations.

Logistics firms and distribution centres come to mind.

A solution may be at hand in the tightly held industrial precinct of Mitchell, where a substantial 17,000-square-metre parcel is now on the market at 35-43 Vicars Street.

“Significant land supply in Mitchell is very limited, and this Vicars Street parcel is one of fewer than 10 blocks above 15,000 square metres in the entire suburb,” says Mitch Frail of JLL Canberra.

“This property presents a once-in-a-decade opportunity for developers to secure a significant land holding here.”

The block has a wide 145-metre frontage to Vicars Street and is zoned for general industry. It offers a wide range of options for both developers and owner-occupiers – including potential subdivision.

A long-term income bonus is provided through a lease with the owner of a telecommunications tower on 80 square metres at the rear of the block. It delivers an annual income of $25,133 plus GST.

“It’s in a non-intrusive location and will not prevent development,” Frail says.

The property comes with a price guide of $9.5 million.

Mitchell is bordered by Gungahlin Drive, Gungahlin Cemetery, Flemington Road and Franklin.

For sale by Expressions of Interest

35-43 Vicars Street, Mitchell ACT 2911

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