Two sites on The Island at Kingston Foreshore were sold yesterday for a combined $24million behind-the-scene negotiations adding another $8 million to the final asking price.
The sites were originally passed in at auction on Thursday for $7 million and $9 million.
But the ACT Land Development Agency was able to negotiate final sale prices of $9.8million and $14.2 million respectively.
The larger block of 5216sqm was sold to a company associated with Graham Potts of the Amalgamated Property Group for $14.2million. The smaller site of 3681sqm was sold to the Doma Group.
Both sites are on the newly created island at the centre of the Kingston Foreshore Harbour.
They are zoned for mixed-use residential and commercial use.
The Doma Group's Jure Domazet said the company hoped to start constructing ''an exclusive, high-end residential development'' comprising a small number of townhouses as well as apartments by July, pending development approval.
Mr Domazet said the company had allowed for the extra costs of constructing on a man-made island. He had expected more competition for the sites.
For more, pick up a copy of today's Canberra Times
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