Capital Property is set to make its mark in Australia's capital city, Canberra with a A$650 million hotel, office and residential precinct on London Circuit, expanding the CBD south-west towards Lake Burley Griffin.
The private developer purchased the new development for $66 million and is a significant step forward for affordable housing in the city centre, with 76 of the 502 dwellings set aside to be affordable rental dwellings.
Each of the apartments would be rented out at 75% of the market rent, which is tested annually.
Capital Property Group CEO, Stephen Byron said their vision is to create a vibrant, diverse and environmentally friendly space.
“Against a challenging economic environment, this ongoing investment in the Canberra CBD underlines the importance of the area as the focal point for Canberra civic life and recreation as well as our group’s continuing commitment to Canberra and its prosperity,” he said in a statement.
Key features will include:
- Integrated mixed-use precinct configured around a new vibrant city park.
- Four residential buildings, a high-end hotel, A-grade office building and activated ground floor retail including cafes, restaurants, and a convenience supermarket.
- 502 homes, including 76 affordable rental dwellings.
- A striking hybrid timber structure hotel.
- A large city park, including landscaped green spaces, public art, water play and dining.
- Carbon neutral precinct with world leading sustainability targets.
- Collaboratively designed by architects Bates Smart, EM BE CE and JPW.
The development was first advertised by public tender on 4 May 2023 and was run by JLL over two stages with the first closing on 4 July 2023 and the second closing on 12 December 2023. CEO of the City Renewal Authority, Craig Gillman said it was a competitive two-stage public tender process.
“We set very high expectations for the market with this sale,” he said.
“We asked for architectural diversity, outstanding design, connections with the light rail and surrounding places, and exemplary responses to environmental and social inclusion criteria.
“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.”
Construction of the precinct will take place over the next five years, generating around 800 jobs and will eventually house 1,000 residents and 1,200 workers.