Doma Group snaps up Kingston Foreshore site for $11.7 million

Doma Group has purchased a 6,825-square-metre Kingston Foreshore site for $11.7 million.

The site can accommodate up to 120 residential dwellings, as well as commercial and retail space.

“Potential buyers are now starting to see the vision of the Kingston Foreshore project with residential projects completing and restaurant tenants moving in,” says Andrew Stewart CBRE ACT managing director.

“The development is definitely starting to get more of a community feel,” says Stewart.

Stewart says the site received interest from both local and national developers.

“Whilst overall interest in the site was strong, including developers from interstate, it is pleasing to see a local developer, who has a strong association with the overall redevelopment of Kingston Foreshore, re-invest in the area.

“It further points to the strength of the Canberra property market and confirms their faith this is one of Canberra’s best precincts,” says Stewart.

“Kingston Foreshore fits in well with our development pipeline and we are really excited about this unique site,” says Gavin Edgar, general manager development of Doma Group.

The site marks the fifth development for Doma Group in the Kingston Foreshore.

Doma Group just completed its mixed-use development, known as Dockside.

“Strong investment within the Kingston Foreshore clearly demonstrates the faith Doma Group have in the Canberra property market,” says Stewart.

Maree Harman director of CBRE residential development valuation specialist says market evidence suggests there remains a depth to the city and inner city suburbs unit market.

Harman says pre-sales are continuing with minimal or zero price