The ACT Government has acquired two extra parcels of land in NSW for its joint venture Ginninderry development, adding nearly 500 blocks to the master-planned cross-border residential project.
The NSW blocks, near the ACT border at West Belconnen, are adjacent to the existing development footprint of Ginninderry. The area is landlocked to NSW by the Murrumbidgee River and Ginninderra Creek.
They will add 480 much-needed and desirable single residential blocks to the future land release program, but that won’t happen until 2032 when development on the NSW side of the border is likely to commence.
The Suburban Land Agency paid $8.12 million for Lot 5, 495 Parkwood Road, while the second block (Lot 4, 495 Parkwood Road) has entered into a call option deed with settlement to occur sometime over the next two years.
Suburban Land Agency CEO John Dietz said the purchase was an excellent outcome for Ginninderry and future homebuyers.
“This will provide an opportunity for the growing Canberra region in terms of choice, affordability and location,” Mr Dietz said.
The SLA said the two blocks recently became available to the Suburban Land Agency by the previous landowners and followed a robust process for land acquisitions under the City Renewal Authority and Suburban Land Agency Act.
Ginninderry will be home to around 30,000 people in the community and extends across the ACT and NSW border. The four suburbs will total approximately 11,500 homes, all of which will contribute towards Ginninderry’s vision of being a sustainable community of international significance in the Capital Region.
The first block (Lot 5, 495 Parkwood Road) has settled for $8.12 million. The second block (Lot 4, 495 Parkwood Road) has entered into a call option deed with settlement to occur sometime over the next two years.
The SLA said it could expand Ginninderry even further by acquiring two more blocks adjacent to these.
A total of 3200 dwellings in NSW are being developed on land currently owned through the joint venture between the ACT Government and the Corkhill family’s Riverview Developments that will be home to about 30,000 people.
Its four suburbs will total about 11,500 homes.
So far, 764 blocks have been released, more than 300 homes are occupied and 200 homes are under construction, with about 770 people living in the new suburb of Strathnairn.
About 250 blocks of land in the new suburb of Macnamara are proposed for release in 2022.
Ginninderry is being developed as an innovative, sustainable community of international significance, with high energy and water efficiency standards and an emphasis on green space and conservation areas.