Chief Minister Andrew Barr says people will come from across the ACT, Australia and possibly the world to live in a new $200 million apartment development in a prestigious location in Constitution Avenue, Campbell.
On Sunday morning Mr Barr thanked developer Terry Shaw for investing in the ACT and told a handful of people who had bought apartments off the plan in the first of the Campbell 5 precincts to expect fantastic homes in an exciting location.
Constitution Avenue is a centrepiece to the National Capital Authority's Griffin Legacy planning policy, and is to become an elegant and vibrant, mixed-use grand boulevard linking London Circuit to Russell, according to planners.
Mr Barr was equally enthusiastic on Sunday morning, saying SHL Development would set a new benchmark in public realm, environmental sustainability and integration of new technology. The local consortium bought all five sites in the Campbell 5 estate at a Land Development Agency auction in June last year for $64 million.
"I can see a future where there will be a light rail service along Constitution Avenue, it will be connected into a significant public transport infrastructure that will link major employment and retail and commercial destinations within our city," Mr Barr said.
Plans for the urban precinct include five sites of residential and mixed-use development, with about 520 dwellings in total, and a large community park. Mr Barr and Mr Shaw turned a sod on the first, northern section, to be known as Saint Germain, which will rise to three and six storeys.
Closer to Constitution Avenue apartments will rise to eight storeys, with lake views on the upper levels.
Mr Shaw said most of the buyers in Saint Germain would be owner-occupiers. Some buyers had bought two-bedroom apartments to convert into three-bedroom apartments. Consequently the 50-apartment development had changed into a 47-apartment project.
"We are pleased with sales; it shows demand for owner and occupier. We think the market is well-appointed apartments with lots of storage, generous-sized living areas, not price-point driven apartments," Mr Shaw said. "People are happy to buy into apartments; they want generously-sized ones, lots of storage."
The apartments are priced from $800,000 to $1.4 million and completion is due in February 2017.
"In terms of the economic contribution these two projects make, they represent about $200 million. Economists on our team says that is a direct equivalent to about 350 jobs," Mr Shaw said.
Greenwich Park, a mixed-use development of 205 apartments and 1800 square metres of commercial space is to begin construction before Christmas.