A prominent block of land in Canberra's inner north has sold for $59.3 million, following 20 minutes of high stakes bidding on Tuesday.
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Released by the Suburban Land Agency the site, known as block 4, section 57 in Turner, has potential for up to 477 residential dwellings.
The 16,303-square-metre block is located along Northbourne Avenue and is bordered by Forbes and Greenway streets.
Online bidding kicked off at $32 million and increased quickly until an offer of $42 million was placed, putting the block officially on the market.
From there, a $50 million bid was placed and bids increased in smaller increments.
After nearly 20 minutes of bidding, the hammer fell with a final offer of $59.3 million, placed by Turner G Pty Ltd and Fresh Suburb Pty Ltd.
Government records list Graham Potts, principal of Canberra developer Amalgamated Property Group, as the director of Turner G Pty Ltd.
Dennis Milin is listed as the director Fresh Suburb Pty Ltd. Mr Milin is also co-director of Canberra construction company Milin Builders.
JLL and Colliers International were the selling agents for the block.
The land was originally part of a larger block that has been empty for several years after an attempt to sell it in 2019 fell over.
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The site was split into two and the remaining 7068-square-metre area will be considered for a build-to-rent project.
The sites were originally up for sale together in conjunction with the former Northbourne Flats site in Braddon, which sits on the opposite side of Northbourne Avenue.
A pair of Canberra developers had plans to build a development across the two blocks that included 200 apartments, social housing and a city farm.
When the sale fell through, the blocks were split. Developer JWLand purchased the 15,607-square-metre Braddon site in 2020 for $28 million.
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