Canberra is a hive of activity at the moment with new development - an exciting proposition for potential property investors. There are a myriad of options for investors, from new house-and-land developments to luxury apartments. Luxury apartments certainly present an exciting investment opportunity, particularly since they are popping up in prime Canberra locations. In no particular order, here are some hot suburbs with development action worth keeping your “investor eyes” on:
Canberra’s unique design of “satellite suburbs” has resulted in a city comprised of multiple centres with shopping precincts and attractions. However, Canberra City (also known as Civic) is technically the heart of Canberra and still an attractive place to work and play. There are numerous businesses and Government Departments based in Civic, as well as the Canberra Centre – a shopping destination with all the major retailers and a plethora of dining options. Developers also realise the importance of developments that cater to residents and visitors who want to be in the heart of the action. The aptly named Highgate is a Morris Property Group Development that offers “the height of luxury” along City Walk in Canberra City. This luxurious development overlooks Mt. Ainslie and central Canberra, and the contemporary apartments feature high-quality finishes with astute attention to detail. The building has resort-style facilities including a pool, private gym, barbeque area and a theatre. Highgate also adds to the street appeal of City Walk with a selection of premium retail spaces at street level. Highgate’s location and high-quality apartments appeal to guests, making this type of building a solid choice for investors.
Anyone wandering around Kingston foreshore at the moment would be kicking themselves if they hadn’t invested in any of the new developments lining the waters edge. This place is spectacular, and it is about time this beautiful area was celebrated. Developers have not only created residential space, they’ve also created a new precinct with top-quality dining options that draw residents and non-residents alike. The other drawcard is the location – Kingston, Manuka and Civic are only a stone’s throw away, and it is in close proximity to a number of government departments.
Designed by renowned architects Elenberg Fraser, and developed by Keggins, the Sapphire building offers boutique luxury. Compared to some of the other developments mentioned below, this is a smaller 79 unit complex. However, quantity does not impact quality. For example, all apartments will be north-facing over the lake. Apartments are also fitted with Miele appliances and feature oak timber flooring, timber integrated joinery, quality stone benchtops as well as ducted heating and cooling. Residents can also enjoy large outdoor spaces with communal gardens and built-in BBQs. This development represents luxury-living at its best with.
Kingston Village is also set to be reinvigorated with new mixed-development, Atria. This development will consist of 166 apartments and 400+ car spaces, as well as a commercial ground-floor with the largest Supabarn supermarket in Canberra and 13 other specialty stores. Facing iconic Green Square, Atria will enhance the Kingston community by attracting more residents and visitors with unique commercial offerings.
The new Founders Lane development is described as “a vibrant urban precinct that will completely transform the space between the City and Braddon”. Consisting of two buildings, Provenance and The Mark, this development has drawn inspiration from nearby institutions, Ainslie and Gorman Art Centre with a focus on art and culture. Located at the base of Mount Ainslie and adjacent to leafy-green Reid, nature also has an important role in this development. The development is also a stone’s throw from Glebe Park, so residents can regularly enjoy the great outdoors. The development itself will also include an abundance of outdoor space with BBQ areas and a communal rooftop garden. The other major drawcard for this development is its close proximity to Civic and the Canberra Centre. Residents will be able to fall out their front door and be immersed in a plethora of art, culture and epicurean delights.
The landscape of Woden is gradually changing with rejuvenation projects such as the #WodenExperiment, as well as a number of new developments, including Wova and The Oaks. Woden is a wonderful location - right in the heart of the action. It is close to Canberra City, but is also well-serviced locally with a Westfield shopping centre and numerous food options at new Bradley Street dining precinct. Woden is also home to a number of government departments. In short, there will always be plenty of people who want to live here. Wova and The Oaks offer a slightly different investment proposition. The Oaks, pitched as “a home for all seasons”, has been built around two 100+-year-old heritage listed oak trees that were planted to commemorate a former soldier settlement farm. The trees have been showcased in a village green-style common space that celebrates the age and historic significance of the trees. The 16-storey development consists of 156 one, two and three bedroom units with floor-to-ceiling windows to maximise views of Black Mountain and the Village Green. The luxury on-site amenities include a private wellness centre and lap pool. In addition to the Village Green, there is no shortage of outdoor space, including BBQ areas, lawns, terraces and plazas, allowing residents to connect socially and with the great outdoors.
Whilst The Oaks honours nature and the history of the ancient Oak trees it is built around, Wova is a completely different proposition - it is WOden reVAmped. The goal with this development is to make Woden sexy again. Drawing inspiration from the booming 1970s, when Woden was a thriving hub of activity, the developer hopes to recreate that same vibrancy and buzz to reinvigorate any lack-lust energy. Fender Katsalidis Architects and OCULUS Urban Design have been recruited to create a mixed-use development landmark. The development will consist of four buildings, containing 800 apartments and showcasing an impressive 24-storey tower. Wova will also include public and private amenities, such as contemporary workspaces. It is hoped that this development will create connections between existing businesses, government offices and local communities. The timing of this development is perfect, with the Stage 2 Light Rail plan from the City to Woden in the pipeline. Woden is about to be awoken!
Choosing where to invest in an apartment for short-term leasing has never been harder, and this is a great position for investors to be in. The ultimate decision depends on where the investor feels their short-term guest would like to be based. Regardless of the suburb you select, make the most of getting out and exploring these new developments and their local precincts.