Construction has officially begun on Morris Property Group’s Renaissance development in Manuka, after a sod turning ceremony today, Wednesday 1 July.
The first stage of the development will see the 4,500sqm block on Light Street, the former site of the Stuart Flats, home to 94 one-, two- and three-bedroom apartments, with construction on stage one expected to take around 18 months. Four subsequent stages will follow over the next five years, ranging in size between 30 and 96 apartments.
Morris Property Group director, Barry Morris, said interest had been strong for the project as a whole, with 65 of the 94 stage one apartments already sold.
“The ACT is one of the most stable and reliable economies in the country and that has been clearly demonstrated by the huge demand for this project,” he said.
“[We] have strong interest in the final stages despite not having gone to market with them yet.
“The sales achieved for Renaissance even before we put a shovel in the ground vindicates our long-held strategy of choosing the best locations to deliver high-quality new housing options to Canberrans.”
The project is expected to generate around 1,000 construction jobs as well as employment in the medical centre slated for the development’s ground floor.
Mr Morris said the $300 million development has been “scaled down” from the site’s permissible use in order to extend the “village feel that has long been a hallmark of Manuka”, and said Renaissance will inject some much-needed life into the area.
Some in the local Manuka community have been vocal about revamping the Manuka precinct for some time. Mr Morris said the arrival of new homeowners – young professionals, downsizers and first home buyers – would benefit businesses in an area that has been seen to be “falling off the vine” in recent years.
“The response from our community and our local homeowners has been overwhelming,” he said. “From a retailing point of view, a redevelopment of an area such as this is extremely important for the local traders.”
Stage one is expected to be completed in late 2021.
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