The ACT Government has finalised the purchase of 243 hectares of the former CSIRO Ginninderra research station in Canberra’s north for $385 million, ending more than a decade of discussions about the future of the site.

The land, known as Ginninderra East, is expected to accommodate more than 3,000 homes and will become a new suburb located between the Belconnen and Gungahlin districts.According to the ACT Government, around 15 per cent of the future housing stock will be dedicated to affordable, community and public housing.

Chief Minister Andrew Barr described the acquisition as one of the most significant land purchases in the territory’s history, saying it would support Canberra’s long-term growth and housing supply objectives.Housing Minister Yvette Berry said the project would contribute to the ACT’s target of enabling 30,000 new homes by 2030.The CSIRO will use the proceeds from the sale to invest in priority research infrastructure and strengthen Australia’s scientific capabilities.

Federal Science Minister Tim Ayres welcomed the agreement, noting that it would both unlock land for housing and support future research and industry development.The site has a long and complex history.

The CSIRO first explored development opportunities for the broader 701-hectare Ginninderra station in 2015 after determining that much of the land was underutilised for agricultural research.Previous development proposals, including joint ventures and unsolicited offers, failed due to legal, planning and policy challenges.The land was rezoned for future urban development in 2016 despite community opposition.

Industry groups including the Property Council ACT and the Master Builders Association ACT welcomed the transaction, arguing that the project could boost housing supply and construction activity.Planning and community consultation for the new suburb are expected to begin as the ACT Government progresses development of the site.