Capital Property Group Unveils $650M Canberra CBD Precinct

Developer Capital Property Group has solidified its presence in Canberra’s CBD with the acquisition of a key site to the south-west of City Hill for $66 million. The purchase, made through a public tender process by the ACT Government, follows the developer’s acquisition last year of a neighbouring site bordering Northbourne Avenue and London Circuit for $53 million.

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Capital Property Group now plans to transform the area into a high-profile mixed-use precinct featuring six buildings. Designed by renowned architecture firm Bates Smart, the $650-million development will include four residential towers comprising 502 apartments, 76 of which will be designated as affordable housing. A standout feature of the precinct will be a striking hybrid timber hotel, reinforcing the development’s sustainability focus.

In addition to residential and hospitality elements, the precinct will incorporate an A-grade office building with ground-floor retail, offering cafes, restaurants, and a convenience supermarket. A city park is also planned, enhancing the public realm and supporting Canberra’s broader urban renewal efforts.

The ACT Government has praised the project as an “innovative, eco-conscious and inclusive mixed-use development.” The draft design will now undergo the National Capital Authority’s works approval process, which will include public consultation. A development application is yet to be lodged, but if approvals are secured, construction could commence as early as next year. The project is expected to be completed in stages between 2028 and 2034.

The newly acquired site is currently being used to support the raising of London Circuit, a major infrastructure project aimed at improving city connectivity with Lake Burley Griffin. The works include new footpaths, bike lanes, and road reconfigurations to facilitate the future extension of the light rail to Woden.

Capital Property Group is the development arm of Capital Airport Group, the owner of Canberra Airport. The company’s expansion continues the legacy of its late billionaire founder, Terry Snow, who played a pivotal role in shaping Canberra’s urban landscape, including the redevelopment of Canberra Airport and the creation of the master-planned community of Denman Prospect.

Images via The Urban Developer

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