A retail development site situated in the heart of the award-winning Googong community, just 16km southeast of Parliament House and 8km south of Queanbeyan, has sold for $8.75 million.
The 1.184-hectare site in Googong sold on behalf of Googong Township Pty Ltd (Mirvac and Peet) at an impressive rate of $739 per square metre, with the expressions of interest campaign engaging both local and interstate developers, attracting 10 offers.
The Colliers team of James Wilson, Ben Wilkinson and Matthew Winter successfully transacted the site, which was acquired by the Stevens Group.
“The Strategic B2 Local Centre zoning of the site, enhanced by the 2:1 FSR, will allow for the delivery of fuel, fast food, childcare and large format retail, providing much-needed retail amenity for the residents of Googong. Stevens Group’s experience in developing premium retail sites and their ability to partner with GTPL, while delivering a community-based outcome, led to them securing the purchase of the site,” Wilson said.
“The impressive level of enquiry saw 25 groups in the data room with ten offers received, reinforcing the market’s appetite for retail development sites of this nature. The retail amenity of the site will be supported by a MTA population that is forecast to grow at an average annual rate of 6.1% through to 2035,” Wilkinson said.
“The Canberra market has outperformed national counterparts with strong net absorption through Government/private sector. Retail development sites within underserviced catchments such as Googong continue to command strong interest from developers, with MTA retail spending projected to increase at an average annual growth rate of 11.2%,” Winter said.
The Googong retail development site will form part of the greater Googong Town Centre, which will include a Coles, a medical centre, gym, library, community centre and an architecturally designed pub, function and entertainment facility.
The total construction costs for the Googong Town Centre development, which includes the main centre, the retail development site, and the Googong Hotel, are expected to exceed $82 million.
Development across all sites is estimated to create approximately 345 construction jobs and 640 permanent jobs upon completion.
The proposed site has a sizeable 450-metre frontage and is expected to become a focal point and hub for the Googong community. Googong has won numerous awards, including the 2019 UDIA NSW Award for Excellence-Masterplanned Communities and NSW Regional Development.
Construction is expected to commence later this year while the Googong Town Centre is anticipated to open in 2025.