Hundreds of new townhouses are set to be built as part of a new development on the site on the former Australian Federal Police complex in Weston Creek.
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Property group Village Building Company purchased the six-hectare site for more than $30 million after a competitive tender process and the contracts for the development were signed last week.
As part of the development, around 200 townhouses are expected to be built on the site, which was used by the AFP for forensic work until 2016.
The townhouses will be a mix of two, three and four bedroom houses, with the starting price expected to be about $530,000 to $700,000.
Village Building chief executive Travis Doherty said while many developments in Canberra were looking to high-rise and high-density options, the proposal for Weston Creek would buck the trend.
"We think that there's a real gap in the market of well-priced townhouses in well-established suburbs," he said.
"The site is going to be attractive to older Canberrans looking to downsize and also younger families that know the area and want to stay local."
Construction will begin on the project in early 2019 and is estimated to take three years to complete.
The first of four stages of the project is expected to be completed by the end of 2019.
The demolition of the AFP complex was slated back in March this year, following discussions between the site's previous owners NEB Holdings and the ACT Planning and Land Authority.
Demolition work is expected to be finished in March next year, with work hampered by asbestos removal at the complex.
"We purchased the site with the full knowledge about [the asbestos]," Mr Doherty said.
"We're going through the appropriate procedures to do so in a measured way, and we'll be looking to launch the proposal in the first half of next year."
More than 10 expressions of interests were made from both Canberra and interstate developers to purchase the site.
A development application is yet to be lodged with the ACT government. Public consultations with nearby residents and community groups are slated to be a "major exercise" for Village Building next year.
At the time the demolition of the AFP complex was announced, several groups called on NEB Holdings to prevent the demolition to allow the facility to be used by community organisations.
Among them was the Woden Valley Gymnastics club, who told The Canberra Times earlier this year they wanted use the AFP gymnasium on the site as a permanent space for the growing club.
Mr Doherty said the development planned for the area would use large amounts of "open green space", with a decision yet to be made on how those areas would be used.
"We certainly understand the needs and concerns that sporting and community groups have, and we think the opportunity to rejuvenate the site will add to the community amenity," he said.
"There will be open green space and amenities, and we just need to work through the details."
