Geocon's new plan for latest Gungahlin tower

Construction giant Geocon will lodge fresh plans for its latest project in Gungahlin, adding extra one-bedroom apartments in a bid to cash in on growing buyer demand.

Geocon last month announced it was stepping in to help developer Empire Global deliver its high-rise apartment complex planned for the corner of Gozzard and Swain streets.

Geocon has teamed with Empire Global to deliver the former Air Towers development in Gungahlin, which is now to be called The Establishment. Photo: Supplied

Geocon has teamed with Empire Global to deliver the former Air Towers development in Gungahlin, which is now to be called The Establishment. Photo: Supplied

At the time, Geocon said it already had development approval for the project, which was to include 270 units spread across a 14- and a seven-storey building.

But Geocon's development manager, Nick Merriman, told last week's Gungahlin Community Council meeting that it would lodge a revised development application in order to allow it to split planned three-bedroom apartments into extra one-bedroom units.

A Geocon spokesman confirmed the proposed changes when contacted this week by The Canberra Times.

Under the new scheme, the number of one-bedroom apartments would increase from 123 to 140, while the number of three-bedroom units would drop from 28 to 19, the spokesman said.

The number of two-bedroom apartments would rise from 119 to 123. The total number of apartments would increase from 270 to 282.

The planned height of the two buildings won't change under the new plans.

There is currently a housing crisis in Canberra with the fastest rising rents in Australia.

Geocon spokesman

The spokesman said the proposed increase in one- and two-bedroom apartments at the development was in response to market demand.

"There is currently a housing crisis in Canberra with the fastest rising rents in Australia," the spokesman said. "The most sought after products are one and two bedroom apartments to accommodate the booming population."

The revised development application was expected to be lodged with the ACT Planning and Land Authority in May. Although the changes are not substantial, Geocon expects the amended application will be released for public consultation.

The amendment will also seek to add 72 car parking space to the 282 spots already earmarked for the site.

Geocon founder and managing Director Nick Georgalis.

Photo: Jamila Toderas

Geocon founder and managing Director Nick Georgalis. Photo: Jamila Toderas

The Gungahlin development, which Geocon managing director Nick Georgalis said was part of the company's ambition to reshape the Canberra skyline, will also include ground floor commercial space, as well as a rooftop pool, outdoor cinema and gym.

Mr Merriman told last week's community council meeting that it had already sold about 30 apartments at The Establishment since sales started a fortnight ago.

The Establishment is the second joint venture between Geocon and Empire Global, following the unveiling of the 571-unit Aspen Village development in Tuggeranong in February.

An artist's impression of Geocon and Empire Global's proposed Aspen Village complex in Tuggeranong. Photo: Supplied

An artist's impression of Geocon and Empire Global's proposed Aspen Village complex in Tuggeranong. Photo: Supplied

The announcement of the partnership came just two months after Empire Global tore up contracts with buyers into a development planned for the same block of land in Greenway.

Empire's lawyers had said their client was rescinding sale contracts with buyers because it would not be able to meet construction deadlines for the so-called Jardin complex.