A new building in Belconnen, a suburb of ACT, has been set aside for a $91 million rental apartment complex.
The applicant, Cannes Property, has submitted plans to expand a 406-unit residential progression on the site, dubbed Block 1 Lawson Section.
The 9,372 square meters are located in the South Lawson progression district, partly owned by the Suburban Land Agency, in the northwest of the CBD.
According to a report by the National Capital Design Review Panel, the proposed allocation of two buildings would provide residential rental housing with a mix of one-, two- and three-bedroom apartments and 3,600 m² of advertising space.
It is an undeveloped urban land, near the University of Canberra Hospital, east of the shore of Lake Ginninderra and adjacent to Ginninderra Drive and Tenterfield Avenue, a series of major shipping routes.
The buildings would have six and seven floors, providing a gross floor area of 40,396 m².
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The complex includes 41 adaptable apartments and 25 apartments.
Cannes has invested heavily in apartment services, with movie theaters, podcasting facilities, piano and music rooms, as well as planned meeting rooms.
Three basements would have 598 parking spaces.
The task is designed through Fender Katsalidis, which is no stranger to ACT’s construction-for-lease allocations after securing design approval last month for a $250 million allocation at 220 Northbourne Avenue.
The Australian Capital Territory government has signaled that it is in favour of build-to-rent, saying such advances would consist of at least 15 per cent affordable rental rents.
The government has released a plot of land in Turner and has also committed to releasing a buildable land for rent in Gungahlin in the city centre in 2024-2025 with a minimum rental component.
Further commissions are underway through the personnel sector, adding a lead commission to build three hundred planned rental complexes through Elanor Investors.