Canberra CSIRO site sold to Doma Group for $20 million

Doma Group development general manager Gavin Edgar said the company was working through a master plan process to develop an appropriate mix of townhouses and apartments.

Abacus Property Group, which purchased the site in 2002, sold the 4.1-hectare site on Limestone Avenue via expressions of interest through Colliers International.

The site has housed the CSIRO’s 6123 square metre head office for 40 years. Staff completed their move to the organisation’s Black Mountain offices on Thursday.

The Campbell site is situated on the fringe of the city, just one kilometre from the CBD. It contains three interlinked buildings with office, administration and conference facilities.

Mr Edgar said the site’s central location and elevated position was well-suited to a residential precinct.

“It has fabulous views in all directions,” Mr Edgar said.

“The mix will include townhouses, which are much needed in the inner north, and we’re working through the master plan.”

Mr Edgar said the existing buildings are zoned for scientific purposes, which limits their uses, so demolition may be on the cards.

Outlines for the site are still in preliminary stages, with architectural plans yet to be finalised.

“We’ll have a master-plan competition between architects to come up with options for the site,” Mr Edgar said.

Colliers International agents Tim Mutton and Paul Powderly negotiated the sale and marketed it as an attractive opportunity for investors and developers to create a large-scale master-planned precinct.

“It’s a great block of dirt with great views,” Mr Powderly said.

A price tag of $40 to $50 million was originally anticipated, however Mr Powderly said the $20 million sale reflected the fact that there was still a lot of work to be completed on the site, including lease variation.

Mr Powderly said Doma’s product mix would be a welcome addition to the inner north.

He said there have been a few urban infill precincts in the area, but most have been dominated by apartments.

“[This development] will provide townhouse-style dwellings for downsizers and allow people to get out of a larger block,” Mr Powderly said.

“There is a limited amount of supply of this type of product and it will be very popular.”

Doma Group is a leading Canberra developer behind Barton’s Realm Precinct and a number of mixed-use developments in Kingston Foreshore.