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News release

Canberra

Two waterfront development sites sold in Canberra’s Yarralumla Bay for $1.78m

Canberra Girls Grammar School purchases two adjacent sites 


​CANBERRA, 16 OCTOBER 2014 – Two waterfront development sites in Canberra’s Yarralumla Bay have sold today for a combined $1.78 million to the neighbouring Canberra Girls Grammar School.
Located on the shores of Lake Burley Griffin, Block 15, Section 17 sold for $860,000 while Block 16, Section 17 sold for $920,000. The two sites are approximately three kilometres from Capital Hill and five kilometres from Canberra City.

JLL’s Managing Director for ACT Andrew Balzanelli and JLL’s Head of Investment Sales for ACT Greg Lyons handled the auction of the two sites on behalf of the Land Development Agency.

Mr Lyons said, “We received strong interest in the properties, with six registered bidders from a cross-section of potential buyers. Strong bidding for the sale of Block 15 set the benchmark price for the subsequent sale of Block 16.

“Featuring a landscaped setting at Yarralumla Bay, the unique sites were a rare offering and were keenly sought after,” said Mr Lyons.

According to Canberra Girls Grammar School (CGGS) Principal Anne Coutts, “The purchase is an exciting phase in the development of the School and will allow CGGS to not only add to our current world-class facilities, but will build on our educational offerings and enhance our curriculum development and co-curricular opportunities. 

“As the School moves towards its 90th anniversary in 2016 we look forward to planning our future and sharing our vision with Canberra,” concluded Mrs Coutts.