Denman Prospect Stage 3 is adjacent to the Molonglo Town Centre site. Photo: SLA.
Canberra firm TP Dynamics has been selected to develop the final stage of Denman Prospect in the Molonglo Valley in a deal worth $70 million to the ACT coffers.
Stage 3 covers a 40-hectare site adjacent to the future Molonglo Town Centre.
The Suburban Land Agency gave Tony Pan’s TP Dynamics the nod after a competitive tender process, the second bid to release the land and find a developer, following the first attempt, which was aborted in 2022.
This time the land parcel was 6 hectares less than before, with approval for 2950 high- and medium-density homes, 1250 more than under the previous tender.
Stage 3 will feature a mix of RZ4 and RZ5 residential zoning, CZ5 mixed-use commercial areas, CFZ community facilities, and PRZ1 urban open space.
The dwelling mix includes 144 affordable, 207 community, and 60 public housing homes, alongside commercial spaces, a playing field and a public primary school site.
Under the tender, the community and public housing properties will have to be handed back to the ACT Government, along with the school site.
If the serviced school block is surrendered by 1 July 2028, the successful tenderer may be eligible for a $2 million payment.
The Snow family’s Capital Estate Developments (CED) developed the first two stages and was expected to finish the job.
Suburban Land Agency CEO Adam Davey said the sale of Denman Prospect Stage 3 marked a significant milestone in completing the vision for the Molonglo suburb as a vibrant, connected community.
“Stage 3 is the final piece of a growing and award-winning suburb that already combines innovative placemaking with exceptional urban design,” he said.
“We look forward to working with TP Dynamics to deliver a development that enhances the lives of future and existing residents.”
TP Dynamics Managing Director Tony Pan at the Newlyne Experience Centre. Photo: Ian Bushnell.
TP Dynamics managing director Tony Pan said he was excited to have this opportunity to work with Suburban Land Agency to deliver the next stage of this world-class suburb.
“We look forward to bringing our vision for this project to the Canberra community and contributing to the ACT Government’s broader housing objectives and targets,” he said.
The company is also developing Newlyne in Lyneham in partnership with the Yowani Country Club.
The masterplanned Newlyne residential and commercial precinct, designed around a 10,000 sqm central park, will be developed on club land in three stages over the next eight to 10 years and could accommodate up to 1000 homes.
Instead of the previous two-stage tender, the new Denman Prospect release used a single-stage tender looking for the highest price.
Like the other stages of Denman Prospect, Stage 3 will be gas-free, and power lines will need to be underground. However, a range of sustainability requirements listed in the previous tender were not included in the new one, although some may fall under the planning regimen.
The first tender included public infrastructure such as EV charging in public carparks, a site for a community-scale battery, and a community garden.
Treasurer and Planning Minister Chris Steel said when the tender was released in June that some land, like Denman Prospect, needed to be re-released to achieve both a better return to the Territory and more housing.
“We need to be realistic and work with the market, work with construction partners to be able to deliver more land more quickly, and we need to make sure that when we’re selling that land that the conditions are realistic and it actually delivers the outcomes of new homes as well as the other facilities that we want to achieve,” he said.
Subject to approvals, TP Dynamics anticipates commencing construction in 2027.
The land has been released as an englobo site, meaning TP Dynamics will be responsible for detailed planning, subdivision, marketing and future land sales.
The 2950 dwellings will contribute to the government’s target of 30,000 new homes in the Territory by 2030.
