Vibrant inner-city lifestyle slated for Reid public housing site, City 7

Some 60 years ago a complex was completed on the corner of Cooyong Street and Ainslie Avenue in Reid. It comprised some 300 dwellings that were designed to house a new influx of public servants.

Those three public housing buildings have now reached the end of their economic life and their 11,712 site is now poised to offer a vibrant inner-city lifestyle to a new generation of Canberrans.

Grey Lyons, of LJ Hooker Commercial Canberra, says the City 7, mixed-use site is likely to be the best of its kind to come on to the CBD market.

“We’re not likely to see anything else like it within the next five years,” he says.

“Land like this, right on the doorstep of the CBD, is a scarce commodity.”

City 7 is an opportunity to create an innovative landmark. The northern section of the site fronts Canberra’s most prestigious shopping centre precinct, the Canberra Centre.

The southern section of the site faces the tranquil green space of Glebe Park.

LJ Hooker is selling the site by auction on behalf of the ACT government.

Lyons says the site has the best of both worlds

“While it’s just across Cooyong Street from the Canberra Centre, City 7 is still part of Reid,” he says.

“It’s has that strong connection to an older heritage suburb, yet it has the opportunity to forge for itself an exciting new inner-city identity.”

Lyons says interest in the site is already running strong with many of Canberra’s biggest developers already talking with architects and town planners about potential development.

“Interest is not restricted to the ACT border. We’re also gauging interest interstate and with Asian developers,” he says.

“The mixed-use zoning offers significant commercial promise.

“There would certainly be any number of options – for instance, a boutique hotel balanced by, say, 300-400 residential apartments,” Lyons says.

City 7 will help create new vibrancy in the city centre and the address will appeal to those working in the CBD. It’s also close to the Braddon cafe culture and provides easy access to the National Convention Centre, Canberra Institute of Technology Reid Campus, Canberra Casino and Lake Burley Griffin.

While Lyons was close-lipped on a price guide, the sale of the 25, 630 square metres Section 52 site in Braddon between the Canberra Centre and the Gorman Arts Centre realised $47 million.

Auction: Wednesday, August 9, 11am, National Portrait Gallery, Parkes. Agents: Greg Lyons, Mark Thompson, LJ Hooker Commercial Canberra, 0406 995 383, 0438 624 042.