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Park Avenue apartment development in Canberra launched

A 14-storey Civic office block will be knocked down and replaced with an $80 million apartment development by 2020.

Colliers International and Morris Property Group launched the Park Avenue development at a VIP event on Tuesday night.

The Allara Street complex will tower 17 storeys and include 66 one bedroom units, 112 two bedroom apartments and six three bedroom penthouses ranging from $379,900 to more than $1,729,900.

It will feature six levels of parking split evenly above and below ground.

Morris Property Group representative Barry Morgan said it was expected more than 70 apartments would sell at the launch event.

“That will equate to close to $40 million worth of sale on release and almost 40 per cent of the development on day one,” he said.

“This is predominantly local people buying, investing in Canberra. It shows a lot of belief in Canberra in the city centre.”

Each apartment will include stone and timber joinery, double glazed windows and stone bench-tops.

The three-bedroom penthouses will include a $50,000 kitchen package featuring Sub-Zero and Wolf appliances.

The development complements the Morris Property Group’s Highgate apartment complex, replacing the Boulevard office block in Civic, which is expected to be finished towards the end of next year.

The $70 million development will include 190 units, two levels of commercial space and a residents’ gym, swimming pool, private theatre and outdoor area.