The last western shore block of Tuggeranong's new Southquay Greenway development has sold for $6million at auction.
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The hammer fell on the 10,960-square-metre block on Wednesday with three bidders vying for the final mixed-use site in the new waterfront precinct.
Empire Global Developments made the winning bid - the same development company which purchased a 9729 square metre block along the strip for $4.5million in March last year and is constructing the SQ1 apartment complex.
The new site permits the development of 229 dwellings and shops onto Anketell Street.
Empire Global Developments director of property and finance Daniel Hoang said while it's still early stages, they're hoping to build on what they've started with SQ1.
"We wanted to be a part of the Southquay development because we can see its potential," he said.
"This new development means you can live, work and eat in your area. It gives confidence to the people of Tuggeranong that people want to invest there."
Paul Powderly of Colliers International said the outcome of the auction demonstrated people's continued confidence in the Canberra property market.
While the strongest demand is still for single residential housing blocks, he said more people working in the Tuggeranong area has inflated the need for higher-density residential areas close to the town centre.
"Greenway hasn't seen a lot of medium-density housing so this is a market response to pent-up demand for the area for years," Mr Powderly said.
The Land Development Agency's chief executive David Dawes said: "As with all of the blocks previously sold at Southquay Greenway, interest was strong with spirited bidding quickly taking the opening offer of $3 million to the sale price of $6 million."
When finished, Southquay will have more than 1000 new dwellings and more than 3000 square metres of commercial space.
All up, the Southquay Greenway development has netted more than $30 million for the ACT Government, an average of $649.50 per square metre.
Eleven blocks in Moncrieff also went under the hammer on Tuesday with 34 registered bidders at the auction.
3 Property Group 2 Pty Ltd paid $5.6million for a 12, 603 square metre block with potential for up to 155 dwellings.
Two multi-unit blocks were sold for $4.05million and $2.5million a pop to Village No.14 Pty Limited and T & A Property Group Pty Ltd respectively.
Ping Li was triumphant with the paddle for a package of four single residential blocks between 480 and 669 square metres at $1.3million.
Four more single residential blocks between 503 and 708 square metres in size pulled in $1.19million from JBI Developments Pty Ltd.
The ACT government will release land on the eastern shore of Lake Tuggeranong next financial year.
That development is expected to yield 152 residential units and 25,000 square metres of commercial space.
