Ives: The new development filling an important gap in Canberra's Bruce
A new mixed-use development in Canberra’s Bruce has locked in a prime position for a host of new commercial tenants.
Ives, by builder and developer TP Dynamics, is taking shape on Thynne Street with 1000 square metres of commercial space on the ground floor. An IGA supermarket has already come on board, and Kenneth Kong, project manager sales and marketing at TP Dynamics, says they are in discussions with other businesses, including a medical practice.
Kong says the high number of workers and foot traffic in the area would create a strong customer base for businesses.
“We’ve got the AIHW next door, which is the Australian Institute of Health and Welfare, and other government agencies on the other side,” he says. “There’s actually quite a lot of government presence there.”
Bruce is found in the Belconnen district, which is less than 10 kilometres from the Canberra CBD and 17 kilometres from the airport.
Benefiting from its position between Sydney and Melbourne, the ACT’s commercial real estate market is performing strongly, particularly in retail, with vacancy rates falling from 9.5 per cent to 2.6 per cent in the six months to December 2022, according to data from real estate firm JLL.
Population growth is also tracking well, with the territory’s population measured at 454,000 in the 2021 census – up from 397,000 in 2016.
Belconnen residents are spoiled for places to escape to the great outdoors, with Lake Ginninderra and the Gossan Hill Nature Reserve nearby. A little further away are Black Mountain Nature Reserve and the National Arboretum.
The suburb is popular with students, professionals and families, with many locals having employment or study connections to the Canberra Institute of Technology, the University of Canberra or Radford College.
Bruce is located near the Calvary public and private hospitals, as well as the Australian Institute of Sport and GIO Stadium Canberra. However, the suburb lacks a strong shopping presence and this gap in the market is something the IGA and future businesses can take advantage of at Ives, Kong says.
“Bruce has never really had its own shops,” he explains. “There were other developments in the past that tried to include some shops underneath residential apartments. I think to have proper shops in the suburb you really need to have a combination of a lot of different services.”
Bruce’s central location means it’s easy for people to travel to Dickson, Canberra’s city centre and Westfield Belconnen. The Thynne Street site is near a childcare centre and has strong public transport connections.
“I think there’s a lot going for it, location-wise,” Kong says. “It’s very convenient to go into Dickson, as well as the city.
“It’s one bus ride away, and right in front of the development, there are two rapid buses that arrive in 15-minute intervals. So, it’s actually quite a neat little spot.”
Ives is the third and final stage of a Bruce revitalisation development. The first stage, called Wish, and the second stage, Rise, also housed one, two and three-bedroom townhomes. All of the residences at the three buildings, including the 32 townhomes at Ives, have sold out – with the exception of one four-bedroom home at Rise. Wish has 4000 square metres of commercial space, which has so far been secured by a day spa, Korean barbecue restaurant, Chinese takeaway and a bottle shop.
Construction of Ives is well underway with completion expected in August this year.
This article has been created in partnership with Ives.
