The former Northbourne Flats public housing block has been sold for $28 million.
The 15,607-square-metre prime block of land in the heart of Canberra straddles Northbourne Avenue in Braddon.
A tender for the site was originally released in late 2018, however it was later pulled from the market, after the chosen buyer failed to meet the reserve price
The Subruban Land Agency says the site was sold to JWLand following the agency's first online auction last week.
The mixed-used precinct - marketed as Braddon Place - will have a 25 metre frontage to Northbourne Avenue and could include about 600 units.
There will be a requirement for 10 community housing and 80 affordable housing dwellings at the site.
The agency's CEO John Dietz said the sale demonstrated confidence in the ACT commercial market, despite the recent uncertainty due to COVID-19.
"The sale of Northbourne's Braddon site will certainly contribute to Canberra's good urban design. As part of the gateway to our city, it's a wonderful opportunity for a liveable and vibrant place with quality public domain and buildings," he said.
The former public housing site was placed on the market via tender in 2018, and was to be sold as a package with another block in Turner. City Renewal Authority chief executive Malcolm Snow said at the time this would achieve the best design outcome for the site.
The blocks were previously a part of the government's asset recycling initiative and the sites sat together. But a Suburban Land Agency spokesman said as they were no longer part of the initiative, it was easier to separate the sites.
More to come