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Sale of Fraser Court, big win for Public Housing

Released 22/07/2008

The ACT Government has announced that the sale of Fraser Court in Kingston is close to completion.

The ACT Minister for Housing, John Hargreaves said contracts have been exchanged with Stirato Pty Ltd, and he expects that the sale should be finalised shortly.

Stirato Pty Ltd comprises Macquarie Bank and Lynsolo Pty Ltd and both companies have been involved in the development of substantial projects in Canberra.

"The sale of the land for $25.15 million will be used for the construction or purchase of new public housing properties," Mr Hargreaves said. "This will provide a major boost to public housing, with the sale price exceeding expectations.

"If the site had been sold two years ago for its book value, we would have been able to purchase 35 standalone, two bedroom dwellings, or construct 60 separate 2 bedroom dwellings, on land already owned by Housing ACT.

"We are now in a position to purchase 80, two bedroom dwellings or construct some 150, two bedroom dwellings."

Mr Hargreaves said he was delighted with the outcome. He said the sale - and the consequent purchase or construction of new properties - would result in public housing stock in the ACT exceeding the 11,454 dwellings that the Government is committed to maintaining.

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