The Markets Belconnen residential development to offer electric vehicle charger for every apartment owner

Construction of The Markets, a 10-storey residential precinct to be built next to the Belconnen Markets redevelopment, is due to begin early next year for completion in January 2025.

Installation of electric vehicle-ready infrastructure will be mandatory in new multi-unit residential developments when the ACT's new planning system is introduced in 2023. The regulation forms part of the ACT government's move to ban new fossil fuel-powered vehicles from 2035.

The Markets will go beyond providing the infrastructure and will install individual chargers for each unit at no extra cost to buyers, including those who have already signed contracts.

Developer Custom Apartments has partnered with Canberra business EV On to supply one, seven-kilowatt Ocular charger per unit plus communal charging points.

The ACT government estimates the cost of providing electric vehicle infrastructure for new-build developments would be up to $2500 per apartment, plus $330 in annual management costs per station.

Custom Apartments director Peter Micalos said the costs are much higher. Research undertaken by the group estimates the chargers and complete infrastructure would cost approximately $15,000 per apartment.

Mr Micalos said the decision to install electric vehicle chargers for every unit was costly, but ultimately it made good business sense.

"A lot of the developments in the marketplace today offer shared charging points, so what that means is in a multi-unit development of 100 or 200 units there might be two or three shared EV charging points," he said.

"But we've made a decision to be ahead of the curve because, ultimately, sustainability is good for business and it's good for sales and we're very happy to be delivering this innovative product in the marketplace today."

About 40 per cent of The Markets have sold since the development was released to the market in April.

Once complete, it will include one-, two- and three-bedroom apartments, plus larger penthouses.

A 5000-square-metre commercial precinct will be located on ground level.

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The partnership between The Markets and EV On was announced on Tuesday, with Energy and Emissions Reduction Minister Shane Rattenbury in attendance.

Mr Rattenbury said the "forward-thinking" partnership would help Canberrans prepare for the future.

"We are going to see a significant uptake of [electric] vehicles in the near future ... we've already seen a lot of sales," he said.

"I'm getting a lot of feedback from people who live in apartments who are asking about what their charging options are."

A report by Australia's Electric Vehicle Council shows the ACT led the country's electric vehicle sales in 2022 with 9.5 per cent of new vehicle sales being electric, followed by NSW at 3.7 per cent.