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Big changes to Belconnen’s town centre are on the way

By Ben Faulks

Belconnen town proves the idiom "good things come in small packages" is true, as this region of approximately 97,000 people offers so much despite its relatively small size. Notwithstanding our successes as a small town, a recently released plan for large-scale housing developments might cause increases in our population, causing strain on our amenities and public areas.

No doubt realising this fact, the ACT government is formulating a plan including several strategies to improve and update the town centre. Also, a private developer is planning massive changes to the Lake Ginninderra area. To save you the hassle of researching these yourself, we've whipped up a quick summary of what's going on in our town centre and what it may mean for current residents or those looking to invest in real estate in Belconnen.

What does the plan aim to achieve?

The final draft of the Environmental Planning Directorate's 2016 master plan will not be released until later in the year. However, from information in a preliminary report, it is clear that it will focus on making Belconnen's town centre more liveable, increasing the usability of public spaces and improving public transport in the area.

Geocon is eyeing up land in front of Lake Ginninderra for the development of a $500million multi-use complex.

Additionally, private developer Geocon is eyeing up land in front of Lake Ginninderra for the development of a $500million multi-use complex. Geocon is optimistic about the project, hoping to begin construction by 2017 and complete by 2022.

The company's general manager of developments, Peter Micalos, explained how versatile the building will be in a chat with allhomes,

"We've got Melbourne-style laneway stores, we've got convenience outlets, we've got some boutique office space and, of course, we've got a broad range of apartments and soho terraces," he said.

What might this mean for you?

If you're looking at buying or renting in Belconnen, now may be a good time before the town centre becomes even more developed, pushing up rental and sale prices. Doing so early will provide access to an area that will only improve as time goes on.

Current residents, however, can sit back and enjoy the improvements to their already excellent town centre. While these plans might not be put into action until late 2016 or early 2017, improvements to public areas, transport and the town centre are likely to provide our suburb and surrounding areas with long-lasting benefits that could increase the value of your property – helping net you a tidy capital gains profit if you one day choose to sell.

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