The first residents of Geocon's highly anticipated Grande on London development will be settling into their new homes just in time for Christmas, according to a recent announcement from the prominent developer.
A Landmark Development Takes Shape
Comprising three buildings standing between seven and nine storeys, the Grande on London complex is situated between Allara Street and London Circuit in the heart of Canberra. The development brings more than 330 new apartments to the city's residential market, offering a mix of one-, two-, and three-bedroom configurations alongside three luxurious penthouses.
Nick Georgalis, founder and managing director of Geocon, described the project's completion as a significant achievement for the construction sector, which faced considerable challenges during the COVID-19 lockdown periods.
Strong Sales and Premium Amenities
The development has seen robust market interest, with approximately 70 per cent of the apartments already sold to a combination of owner-occupiers and investors. This includes one of the three penthouses, which boast impressive views of Lake Burley Griffin and Parliament House.
Future residents will enjoy access to a suite of premium amenities inspired by Geocon's previous successful projects. These include a dedicated yoga studio, a library for quiet relaxation, and a convenient dog washing area for pet owners.
Despite the strong sales, opportunities remain for prospective buyers. Two penthouses, each with a price tag around $3 million, are still available, along with a selection of smaller apartments starting from $587,000.
Market Response and Future Outlook
Mr Georgalis expressed confidence that the remaining apartments would be sold by the end of the current financial year. He highlighted the consistent demand for quality developments in the region, citing another Geocon project in Woden where only five apartments remain available since its opening last year.
While acknowledging that the 330 new homes would not single-handedly solve Canberra's housing challenges, Mr Georgalis emphasised Geocon's commitment to delivering high-quality residences on time and safely.
The development site, previously a defence training depot, was acquired by Geocon from the federal government in 2020 for $24 million. The project received National Capital Authority approval in November 2023, after addressing concerns from neighbouring residents about potential overshadowing and other urban design considerations common in inner-city developments.
