Capital Estate Developments Pty Ltd today welcomed the announcement by the ACT Government that it is the successful tenderer to develop Stages 1A and 1B of the new Molonglo suburb Denman Prospect.
Part of the Capital Property Group owned by Canberra’s Snow family, Capital Estates will invest $115.6 million in Stage 1A and $125.7 million in Stage 1B.
“We are delighted to be making this significant investment in Canberra, and proud to be chosen to shape the city’s newest community,” Managing Director Stephen Byron said. “We take that responsibility very seriously and we are excited by the opportunity. We believe in this city and want to be part of making it the best capital in Australia.”
Mr Byron said the development would build on a proven track record of delivery over the past 45 years, with a commitment to quality and excellence in urban design, incorporating landscaping and public art.
“Denman Prospect will unite quality and sustainability, less than 15 minutes from both the CBD and Woden, with access to great road infrastructure.
“Some 2000 dwellings will be delivered in Stage 1 (A & B) which means more Canberra families in their own homes sooner. The first blocks will be auctioned later this year and people will move in by the end of 2016.
“Residents will live in a master-planned community with unrivalled amenities, while thoughtful design guidelines will maintain the high aesthetic quality of the precinct, while at the same time giving families the freedom to add their personal flair.”
The development will be run by an outstanding project team led by Nick McDonald-Crowley, with Steve Morrissey responsible for sales and marketing. They will be supported by the seasoned Capital Property Group team which has delivered Canberra Airport, Brindabella Business Park, the Snow Centre for Education in the Asian Century at Canberra Grammar School, and the airport hotel currently under construction. Local contractors will be used wherever possible which will create jobs, support the local economy and utilise personnel who know how to build in Canberra, resulting in a more efficient delivery process.
“We are a family-owned Canberra organisation with our roots back to the foundation of Canberra. In fact my great grandfather opened Canberra’s first general store‘Snows’ in the Sydney Building in Civic in the 1930’s. We are passionate about Canberra and about continuing to make it Australia’s most liveable, vibrant city.
“We’ve built a world-class airport, exceptional business parks, a thriving retail hub and now Capital Estate Developments will use our commercial philosophy to deliver Canberra’s most remarkable suburb.
“Through our master-planning, design guidelines and community amenities, Denman Prospect quickly will become one of the most liveable and sought-after locations in Canberra. People will love coming home here.
“It’s exciting but there’s a big job ahead to execute and a significant responsibility to the community to deliver at the high standard we envisage,” Mr Byron said.
Media inquiries: Jane Seaborn 0414 829 282