Woden's Medibank building to be developed into apartments

A mixed-use development comprising 325 residential apartments, retail space, restaurants and a childcare centre will replace Woden’s Medibank building.

Local investors Zapari Group purchased the 3197 square metre site at 15 Bowes Street.

Managing director Nicholas Skepev said the development’s product mix would activate the area for both residents and visitors.

“In terms of regeneration of the Woden Town Centre, this will be the most significant development in recent times,” Mr Skepev said.

The building hit the market in March and was sold via an expressions of interest campaign for an undisclosed price.

It is situated in Woden’s core retail precinct, directly opposite the Woden bus interchange and close to Westfield.

The 32-year-old building is just 44 per cent occupied and tenanted by Medibank and the Australian Federal Police until 2017.

Vicinity Centres sold the asset to Zapari Group through JLL agents Michael Heather and Greg Lyons.

Mr Heather declined to comment on the sale, but previously said the building would be well-suited to local investors seeking a value-add opportunity.

According to the Woden master plan, released in November 2015, buildings of up to 16 storeys can now be constructed in this part of the town centre.

Mr Skepev said the company was attracted to the site’s central location.

“We are working through the preliminary design stages now, with plans to start construction late 2017,” Mr Skepev said.

“We are excited to be delivering something unique for the Woden Town Centre.”

Woden Valley Community Council president Martin Miller said any mixed-use development that would help breathe new life into the town centre would be welcomed by the community, however he urged the government to provide adequate public spaces in line with the rising population.

Mr Martin said he was pleased to hear that the development would include new eateries as a number of the area’s restaurants and cafe closed their doors in recent months. 

He said the new food outlets, complemented by a boost to Woden’s central population, would be be good for the town centre. 

The Zapari Group also purchased an 11-storey building on London Circuit earlier this year for $13.525 million.

Eclipse House, which is positioned directly opposite the ACT Legislative Assembly, will be transformed into a 153-room hotel.

Mr Skepev said the $40 million adaptive re-use project that would also incorporate basement parking, a restaurant, a bar and additional retail space on the ground floor.