The Sierra development in Narrabundah will now be completed. Photo: Colliers.
The incomplete Sierra townhouse development in Narrabundah has a new owner who aims to complete the project so the remaining owners can move in early next year.
Colliers, acting on behalf of the receivers and managers, has secured Madison Construction to assume the project in a $15 million deal.
The Sierra at 20 Leahy Close was one of several projects left in limbo when Canberra builder Project Coordination went bust in March 2024.
The property comprises 45 substantially complete two-storey, two, three and four-bedroom townhouses.
Deloitte had been pursuing options to restart construction.
Colliers’ head of capital markets & investment services ACT, Matthew Winter, said many townhouses had already been purchased but required extensive completion work before they could be handed over to their new owners.
Colliers coordinated with multiple stakeholders in a year-long, highly complex campaign that required strategic planning and expert asset understanding.
“This property, whilst complex in nature, offered great potential for a developer who could step in and get the project over the line,” Mr Winter said.
“We went out to market looking for that perfect fit and couldn’t be more pleased that following our successful campaign, residents are a step closer to settling into their new homes.”
Liz and Rob Sharpe outside the Sierra development in 2024. They’ve moved to Queensland. Photo: Ian Bushnell.
But some could not wait any longer, rescinding their contacts and moving on.
In July 2024, Region spoke to Liz and Rob Sharpe, who contracted to buy a $1.3 million, four-bedroom townhouse in 2019. But after visiting family in Queensland early this year, they decided to let go of their purchase and move there.
They said they knew of at least three others who had also rescinded their contracts.
It was to be the Sharpes’ retirement lock’n’go home, but it became a case of so near yet so far.
They endured constant delays throughout the COVID period and afterwards.
In 2023, they sold their home so they would be able to move in at Christmas, based on the latest advice from the builder about completion. Then that was extended to June.
In the meantime, 50-year-old Project Coordination entered voluntary administration.
Colliers said Madison Construction, founded in 1986, had made the completion of the already sold townhouses a priority.
It is expected that homeowners will be able to move in early next year.
Colliers national director of development, Paul Powderly, said Narrabundah was very popular due to its proximity to the employment, retail and dining precincts of the city, Woden, Parliamentary Triangle, Fyshwick, Manuka, Kingston and Russell.
“With such a prime location, we expected strong interest in Sierra, and we were able to achieve a final sale price north of $15 million,” he said.
