ABC News: Little interest in Civic building sites (22 June 2010)

ABC News: Little interest in Civic building sites (22 June 2010)

The following article has been reproduced from the ABC News website:

Little interest in Civic building sites

The ACT Government’s land and property services expert says he was surprised by the lack of national interest from property developers in the auction of two key city sites yesterday.

The two sites on London Circuit which failed to sell in the auction yesterday are currently under a 48 hour negotiation process with local developers.

Bidding started slowly and inched towards $5.25 million and $8.6 million for the respective blocks, well below the expected prices.

A similar inner city car park site sold for an Australian record price of $92 million in 2007.

The land is zoned for a combination of hotel, retail and serviced apartment developments.

David Doars the head of land and property services says there had been interest in the sites from developers outside of the ACT.

“We had been lobbied for that site particular opposite the Sydney Building for a hotel by a number of different hotel chains so it was interesting that they weren’t there and that’s one of the most disappointing aspects,” he said.

The two highest bidders have now entered into private negotiations to buy the blocks of land.

Both the highest bidders are Canberra-based developers.

Note: copyright of the material in the clipping resides with the Australian Broadcasting Corporation. Usage permitted in accordance with the Australian Copyright Act 1968, Section 42: Fair dealing for purpose of reporting news. Source: ABC News Online – 22 June 2010

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