A 16,303sqm block on Northbourne Avenue in Turner has sold at auction for a whopping $59.3 million this week, offering the potential for up to 477 residential dwellings to be built onsite.

The Suburban Land Agency (SLA) jointly sold the subdivided block with JLL and Colliers International, with Section 57 Block 4 bought by Turner G Pty Ltd ATF Turner G Trust and Fresh Suburb Pty Ltd.

SLA CEO John Dietz said, “The Suburban Land Agency is pleased to see the successful auction of this site in Canberra’s key corridor. It’s a site in one of our city’s business districts.

“Our city is growing rapidly and the commercial, residential, and community opportunities of significant development sites are great to see in our fast growing urban areas.

“As part of the gateway to our city, it’s a wonderful opportunity for a liveable and vibrant place with quality public domain and buildings.”

Nestled in Canberra CBD’s major entry corridor, Turner is the first site to implement key planning controls from Territory Plan Variation 368 that has been recommended in the ACT Government’s City and Gateway Urban Design Framework.

The Framework includes overarching urban renewal and growth principles, along with sustainable building, urban infrastructure, public places, and streets to “ensure the site creates a great place for new communities to thrive.”

Another block went under the hammer this week, with a successful auction in Lawson also sold by Colliers International. Section 51 Block 1 was bought by SAP Canberra PM Pty Ltd for $16.2 million and Section 50 Block 1 was bought by ARealti Lawson Pty Ltd for $9.25 million.

“The auction results are great news for Canberra. It means we are another step closer to providing more housing choices for our community,” Mr Dietz said.

“Our Agency is committed to creating great places for our city and the Turner development will certainly contribute to delivering another sustainable urban environment that bring people and business together.”