Burgess Rawson Canberra is proud to exclusively present this exceptional DA Approved Town Centre renewal opportunity. Available for immediate sale is Lovett Tower which is Canberra's tallest commercial building at 24 storeys and has ability under the Woden Town Centre Plan to increase up to 28 storeys STCA. Lovett Tower has been DA approved and re-imagined as a true Commercial Build-To-Rent development, classified as commercial accommodation and the DA allows for Build-To-Rent accommodation up to 299 apartments.
The Lovett Tower renewal allows significant savings over a complete knock down rebuild, circa $20million. The time to complete the project is also significantly reduced by approximately 12 months and with DA Approval already in place this would give a further 12 month saving to your project over a normal greenfield site. A DA has been approved with indicative floorplans, underlying construction costs as well as an analysis of profitability. The current costings and attached plans that are detailed in the IM yield 262 Built-To-Rent apartments. Alternatively if a purchaser considers they can achieve greater upswing from an improved internal configuration they can completely amend from Level 6 upwards. Other potential options include raising the height of the building by 4 stories, increasing unit numbers to 299 apartments or adopting a hybrid mix of serviced apartments, hotel accommodation and build-to-rent.
This project provides a substantial sustainability measures via adaptive reuse with retention of the embodied energy and carbon in the existing concrete structure, solar panels, 100% gas free utilities, charging points for electric vehicles, natural ventilation for above ground carparks and recycling and composting facilities.
Woden Town centre is the heart of the Canberra Region with a large Commonwealth Public Service population circa 12,500 and a full Westfield shopping centre. The town centre is experiencing it's biggest renewal over the last 30 years with approx. 3,500 apartments just completed, under construction or in planning. New commercial buildings are planned and the establishment of new entertaining and food precincts have created a vibrant and lively town centre. The location is directly in the Woden Town Square with direct access to Westfield, 100 metres to the bus interchange, future light rail terminal and the soon to be built Canberra Institute of Technology (CIT) campus which will be home to over 6500 students from around the world.
With Canberra's vacancy rate for rental accommodation at 0.7% at Jan 22 the location, closeness to workforce and transport and access to significant amenity provides no better place for a BTR.
For further information please request a copy of the Information Memorandum which will provide further comprehensive information in relation to the current building, proposed use, the build-to-rent model and high-level financial information. Further detailed information will be provided within an extensive data room available to selected purchasers.
