Peet in $1.7bn ACT development

Property developer Peet has entered into an agreement for a $1.7 billion development in the Australian Capital Territory to construct up to 3,300 units and townhouses on the campus of the University of Canberra.

University of Canberra vice-chancellor Stephen Parker said the agreement was a great step towards achieving the institution's campus development plan.

"Our vision foresees that by 2030 our campus will be a leading example of how a modern world-class university transformed its physical surroundings to create an integrated learning community where scholars, students and the public intermingle," Professor Parker said.

"This residential development, which is part of the University's Campus Community precinct, will see a mix of students, faculty, staff, alumni and members of the general public living in a modern, progressive, sustainable, edgy community.

"It will be a benchmark for contemporary living that demonstrates innovative planning and design in architecture, landscape and streetscape."

The project will fund a new professor position in urban design and will also be a reference site for research projects in housing design, urban design and public health.

"Students studying architecture, landscape architecture, building and construction management, urban planning and other relevant disciplines will be involved in project working, making this probably the largest work-integrated learning project in the history of Australian higher education," Professor Parker said.

"Over the next 10-15 years, staff and students will work with the developers, pursuant to a collaboration agreement, to generate an evidence-based new way of urban living."

The UC campus is located at Belconnen, one of Canberra's town centres.

The university has agreed with the ACT government that a maximum of 200 dwellings will be released per annum starting in 2017. 

Peet managing director Brendan Gore said the company was looking forward to progressing the project and shared the university and ACT government's vision for a transformational residential development.

In a brief statement, Peet said construction could potentially begin next year.

“The gross development value of the project is currently expected to be about $1.7 billion, which will depend upon property values over time,” the company said.

“Peet is pleased to be entering this new partnership and looks forward to satisfying the conditions precedent and working with the University of Canberra.”

The ownership structure of the project was not disclosed.

Peet is ranked 3^rd on the BNiQ list of land developers.

Peet shares were 0.2 per cent higher to 94.2 cents each at midday.