Canberra Girls Grammar School has bought two waterfront development sites in Yarralumla Bay for $1.78 million.
The Land Development Agency auctioned the two blocks of land next to the YMCA Sailing Club on Wednesday.
Both blocks, each about 680 square metres, are covered by the National Capital Authority’s Yarralumla Bay Recreation Hub Master Plan.
The plan sets a tight framework for the development of the bay, and limits uses to those related to aquatic recreation and tourism.
It does not allow for any accommodation to be built.
The permitted use of the two blocks of land sold on Wednesday is for an aquatic recreation facility and an ancillary restaurant.
Canberra Girls Grammar School purchased Block 15 Section 17 for $860,000 and Block 16 Section 17 for $920,000.
Jones Lang LaSalle ACT’s Greg Lyons said it was the first time land at Yarralumla Bay had been sold in a public sales process, with most sites directly granted or sold in the past.
He said it was unlikely more sites would be offered for sale.
“We’re told there’s not going to be more land released down there,” Mr Lyons said.
There were six registered bidders for the blocks.
Mr Lyons said some interested parties had been existing site owners looking to upgrade their facilities.
Canberra Girls Grammar School principal Anne Coutts said the purchase was an exciting phase in the school’s development.
She said it would not only add to the school’s current world-class facilities but would also build on educational offerings and enhance curriculum development and co-curricular opportunities.
The school will adhere to the National Capital Authority’s Yarralumla Bay plan and consult with the community over the sites’ development.
JLL ACT managing director Andrew Balzanelli described the sale as the final jigsaw in the puzzle for the development of Yarralumla Bay, and said it was a good result for the community.