Snow family secures another London Circuit site

The 1.9 hectare block is earmarked for six carbon neutral buildings.

The Snow family’s Capital Property Group has secured another central Canberra site from the ACT Government’s City Renewal Authority.

The 1.9 hectare parcel, Block 1, Section 121 City, is costing $66 million ex-GST.

A residential-based mixed use project with a c$650m end value is planned.

About 15 per cent of the proposed 502 dwellings will be allocated for affordable housing.

The balance of the prominent block near Lake Burley Griffin will accommodate a swank hotel and A-grade office flanking retail, with a supermarket and restaurant precinct.

JLL’s Tim Mutton and Andrew Balzanelli were the agents.

The deal was brokered in two stages with deadlines of last July and last month.

Half dozen carbon neutral buildings

With six buildings, the Block 1, Section 121 City, project (image, top), aims to be carbon-neutral.

Construction should begin at the start of next year with staged completion between 2028-2034.

“Located between City Hill and QT Hotel Canberra, the site is currently supporting the project to raise London Circuit,” CEA chief executive officer, Craig Gillman, said (story continues below).

“This [sale] represents the best possible outcome for the Canberra community and one that is fitting of its remarkable location,” he added.

“We set very high expectations for the market with this sale,” according to the executive.

“We asked for architectural diversity, outstanding design, connections with the light rail and surrounding places, and exemplary responses to environmental and social inclusion criteria.

“It is all part of the City Renewal Authority’s ongoing efforts to revitalise the city centre.

“This new development will bring more people into the city centre and have important flow-on benefits for the local economy”.

The National Capital Authority Works will approve the project following a public consultation process.

Capital was established by late developer Terry Snow.

Fourteen months ago we reported the group secured a nearby parcel from the CRA – Block 40, Section 100 cost $53m and is also earmarked for a mixed-use project.

Also in 2023 Capital paid the same seller $17.75m for an office development site on the corner of Vernon Avenue and Constitution Place.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.