Three development sites intended for hundreds of new apartments have sold in what has been described as a "deal".
Core Developments paid $18 million for 18,175 square metres of land across three sites in the Belconnen Town Centre from the Suburban Land Agency at auction.
In 2023, a nearby 5700-square-metre site sold for $18.25 million.
The Canberra-based developer was the only bidder at the auction, the Suburban Land Agency has confirmed.
Core Developments built the 323-apartment Nue complex in Gungahlin, and the Boulevard in Denman Prospect, a resort-style apartment block intended to feel like a "luxury vacation".
Selling agent Paul Douglas-MacDonald from Knight Frank said he expected more developers would have registered for the auction if they had known how cheaply the land would sell for.
He encouraged anyone with any interest in a development site to attend the auction, as the price may turn out to be more attractive than initially anticipated.
"There's some deals going on out there, and this one ended up being one of them," Mr Douglas-MacDonald said.
"This particular parcel sets itself up for success in terms of what can be produced there, being across the street from the Westfield, and at least one aspect of the site will have water views of the lake."
Known as Belconnen Precinct on Emu Bank or Belconnen Circus, the three sites sit together between Emu Bank, Luxton Street and Joynton Smith Drive, between Ginninderra Lake and the Westfield Belconnen.
Two of the sites are currently empty, with the third being used as a government car park.
The development of Belconnen Circus is intended to create a "cohesive precinct", according to the Suburban Land Agency's website, which would include residential, commercial and community spaces, and could include retail spaces, offices and public open spaces.
A spokesperson for Core Developments said the developer considered the site as "a missing link" between the lake and shopping centre.
"Belconnen also has a strong connection to Core Developments, with many members of our team having grown up in the area. We are excited about the opportunity to contribute to the ongoing evolution of Belconnen through a precinct-scale development that brings together residential, retail, hospitality," the spokesperson said.
"We also see strong fundamentals in Belconnen. It has established infrastructure, a major shopping centre, extensive services, employment opportunities and proximity to major Government and commercial workplaces, making it an attractive location for a broad range of residents."
The spokesperson confirmed the developer was planning to build around 750 new homes, which would respond to changing housing preferences in the area.
"There are many empty nesters living in larger homes who may be considering their next move, while first home buyers are increasingly recognising the value of established areas such as Belconnen, with its existing infrastructure, services, employment opportunities and connectivity," the spokesperson said.
"Ultimately, we want the precinct to become a place where people can live, meet, shop, dine and spend time, while contributing positively to the broader Belconnen community."
Under the terms of the sale, 88 of those apartments would need to be affordable and another 25 would need to be public housing dwellings.
Core Developments planned to have a development application lodged with the planning authority within the next three to six months, with construction on the first stage of the site beginning in the next 12 to 18 months.
