A notorious public housing slum just minutes from Parliament House in Canberra is to be demolished and replaced with private luxury apartments built by Australia's biggest investment bank.
The Fraser Court complex has been derelict for two years and labelled an eyesore in the middle of the affluent suburb of Kingston.
The court was the scene of a fatal stabbing in December 2006 and has been home to squatters ever since.
But that's about to change, with the ACT government announcing contracts have been exchanged with a consortium comprising Macquarie Group and Sydney-based property company Lynsolo.
"The sale should be finalised shortly," ACT Housing Minister John Hargreaves said in a statement.
"The sale of the land for $25 million will be used for the construction or purchase of new public housing properties."
The Stirato consortium is expected to build 150 luxury apartments and 27 homes on the site, worth a combined $140 million.
The ACT government tried to sell the land two years ago but those negotiations broke down.
Mr Hargreaves said the delay was actually a blessing in disguise 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 two-bedroom dwellings on land already owned by Housing ACT," he said.
"We are now in a position to purchase 80 two-bedroom dwellings or construct some 150 two-bedroom dwellings."
