22/11/2021 - 11:02

Peet buys $67m ACT land

22/11/2021 - 11:02

Bookmark

Save articles for future reference.

WA-based residential property developer Peet has bought a 15-hectare parcel of land from the University of Canberra for $67 million, with a view to build a 1,600-residence development.

Peet buys $67m ACT land
The proposed development at the University of Canberra site.

Western Australia-based residential property developer Peet has bought a 15-hectare parcel of land from the University of Canberra for $67 million, with a view to build a 1,600-residence development with an end value of more than $1 billion.

Subject to the ACT government granting a crown lease, the payment is to be made in instalments over seven years, starting next year.

Peet also entered an agreement to purchase a further 6.2ha of land from the University of Canberra, with the option exercisable between January 1 2027 and December 21 2030.

Peet plans to build a mix of 1,600 townhouses and apartments on the 15ha parcel and potentially a further 1,000 residences on the option land.


The proposed townhouse and apartment development. 

Peet managing director Brendan Gore said the deal was a restructure of a conditional agreement with the university for the acquisition of the land announced in April 2016.

“This restructured deal has been negotiated on capital efficient terms and allows Peet 100 per cent control of an exciting and innovative project that will be integrated with the broader University of Canberra campus masterplan,” he said.

The 15ha property is expected to be delivered over the next 15 years and, if acquired, the option land should be developed over a five-year period.

The property development is expected to yield an end sales value of more than $1 billion.

Peet’s shares were down 2.73 per cent to $1.07 at the time of writing.

 

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options