All five Campbell, ACT sites purchased by Terry Shaw’s consortium
Canberra developer Terry Shaw’s buying syndicate has paid $63.75 million for five plots in the Campbell development.
The Australian Financial Review reports that Shaw intends to begin marketing apartments at the Campbell master-planned development in early 2015. The inner-city sites have been approved for residential, retail and commercial uses. Masterplans for a boutique hotel on the sites have also been approved.
Shaw, reportedly backed by Asian investors, purchased the sites from the ACT government’s Land Development Agency at auction. He told The Australian Financial Review that 500 apartments could potentially be delivered at the site over the next four to seven years, and he intends to start marketing apartments early next year. The Campbell development plots, with a total land area of 6.4 hectares, have a reported potential end value of $300 million.
The sites range from 2095 square metres to 7020 square metres. A $15 million sum was reportedly paid for the largest site, with capacity for 205 residences. The buying syndicate purchased a 5719 square metre, 103 dwelling capacity plot for $13.5 million and paid a further $14.5 million for a 4257 square metre site with capacity for 110 dwellings. The 5719 square metre and 4257 square metre site both have approval for hotel development.
The smallest two sites purchased have the capacity for 110 dwellings in total and were purchased by the consortium for $9.75 million and $11 million each.
The total $67.5 million sum paid by Shaw’s SHL Developments at Wednesday’s auction was well over initial expectations of $40 million to $45 million. The Australian Financial Review reports that around 200 people attended the auction, with 29 registered bidders.
Shaw is also the managing director of the Englobo Group, a property developer that has completed more than $1 billion worth of residential projects.
