Plans for a five-storey block on one of Canberra's best known streets have been lodged.
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Dubbed "Altoria", ACT-based developer The Fleming Group have proposed a block of 29 two- and three-bedroom apartments.
The application has been lodged for 15 Torrens Street, Braddon.
The ground level would include a concierge lounge and the top level would have an enclosed shared rooftop and wellness centre, the plans show.
Owner of the development company, Ian Fleming, told The Canberra Times his team had intentionally designed less apartments than zoning allowed to ensure bigger living spaces.
Under zoning regulations, 50 apartments could have been proposed for the block.
"These apartments are 30 per cent bigger than minimums on the ACT market now," Mr Fleming said.
He believed the larger apartments would be a drawcard for people purchasing a second or third property, or hoping to downsize.
"They could choose to spend a little less on a small two-bedder, or they could maximise on space in this development," he said.
Mr Fleming said the design responded to the ACT government's desire for outcomes-based dwellings people could age well in.
"These [apartments] are not for first home owners," he said.
"It isn't an affordable development. I don't think you can do those in Canberra anymore."
The Fleming Group is working with well-known Canberra property and hospitality investor Socrates Kochinos to design the proposed interiors.
Mr Kochinos, who is behind hospitality venues like Grease Monkey, is listed on the development application as a lessee.
"Socrates only does quality designs," Mr Fleming said.
"If [a large sum] is what it is going to cost people to live here, they have to look good and be built very well."
Prices for apartments are yet to be announced.
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Mr Fleming was excited by the location of the proposed development.
"You're not on Lonsdale but you get all the benefits of Lonsdale Street," he told The Canberra Times.
The existing terrace-style building on the block is currently being used as offices.
If approved, development is expected to commence in 2025.
Lucinda Garbutt-Young
Lucinda is The Canberra Times' property reporter. She was previously a producer at this masthead and a reporter at the Newcastle Herald. Got a tip? Email: l.garbutt-young@austcommunitymedia.com.au
Lucinda is The Canberra Times' property reporter. She was previously a producer at this masthead and a reporter at the Newcastle Herald. Got a tip? Email: l.garbutt-young@austcommunitymedia.com.au
