A retail development site situated in the heart of the award-winning Googong community, 16km south-east of Parliament House and 8km south of Queanbeyan, has sold for $8.75 million.

The 1.184-hectare site in Googong sold on behalf of Googong Township Pty Ltd (Mirvac and Peet) at an $739 per square metre, with the expressions of interest campaign engaging both local and interstate developers, attracting 10 offers.

The Colliers team of James Wilson, Ben Wilkinson and Matthew Winter successfully transacted the site, which was acquired by the Stevens Group.

Wilson said, “The Strategic B2 Local Centre zoning of the site, enhanced by the 2:1 FSR will allow for the delivery of fuel, fast food, childcare and large format retail, providing much needed retail amenity for the residents of Googong.

“Stevens Group’s experience in developing premium retail sites and their ability to partner with GTPL, while delivering a community-based outcome, led to them securing the purchase of site. The impressive level of enquiry saw 25 groups in the data room with 10 offers received, reinforcing the markets appetite for retail development sites of this nature.”

Winter added: “The Canberra market has outperformed national counterparts with strong net absorption through government/private sector. Retail development sites within underserviced catchments such as Googong continue to command strong interest from developers, with MTA retail spending projected to increase at an average annual growth rate of 11.2%.”

The Googong retail development site will form part of the greater Googong Town Centre, which will include a Coles, medical centre, gym, library, community centre and pub, as well as a function and entertainment facility.

Construction is expected to commence later this year while the Googong Town Centre is anticipated to open in 2025.