Former Defence Facility Sells for $24 Million

After having been marketed as a ‘high profile development site’ by Andrew Stewart and Stuart Cox of Savills, the 99-year leasehold of 70 Allara Street, Canberra has been sold for $24 million.  

It was sold by the Australian Government after having previously been occupied by the Werriwa Defence Facility. The purchaser is construction giant and local developer, Geocon, which was founded by managing director, Nikolaos Georgalis, in 2007.  

The Crown lease that was offered can…