Sales Success in Gungahlin

Australian Capital Territory, Australia, June 28, 2009 --(PR.com)-- Stage 2 of Gungahlin Business Park went under the hammer today with all three blocks sold to Canberra developers.

The Land Development Agency auctioned Stage 2 Gungahlin Business Park through agent Colliers International.

Block 5 Section 88 was sold to Long Term Investments Pty Ltd, with Blocks 1 and 2 Section 224 sold to Ruewin Pty Ltd and Minos Developments Pty Ltd respectively.

The blocks were sold for non-retail commercial use with a range of ancillary uses including drink establishment, restaurant, indoor recreation facility, child care centre and health facility.

Tim Mutton of Colliers International Canberra said “It’s an exciting time for the Gungahlin Community with the opportunities the Business Park presents. Both Stage 1 and Stage 2 have attracted local developers seeking to cater for the future growth of Gungahlin businesses.”

One of the key strengths of Gungahlin is its large growth rate of the community. Gungahlin has experienced significant population growth between 2007 and 2008 with an increase of more than eight percent totalling almost 38,000 people.

Gungahlin is reported to have a huge increase in enrolments in both public and private schools, and combined with population growth and local developers investing it the area; the economic future of Gungahlin looks bright.

“It’s a great result. The sale of these three blocks is very positive for the future of Gungahlin. It strengthens the ability to attract larger commercial tenants to the area, providing employment growth and the long term viability of Gungahlin,” said Mr Mutton.

Gungahlin Business Park spans 5 hectares with the potential of future major building developments within the business park estimated between 50,000 and 85,000 square metres of gross floor area.

###