Peet in $265m South Australian development

Property developer Peet has been named the successful bidder for collaboration on a $265 million residential redevelopment project with the South Australian government.

Peet will jointly work with the SA government to build a mix of town houses, apartments and other housing types on the 11-hectare site in Tonsley, which will accommodate up to 1,200 new residents.

The value of the 850-dwelling project is estimated at $265 million, but will vary depending on property values over time.

“The Peet group looks forward to building on our track record in delivering innovative, diverse and affordable housing products, as it has through its partnership with Renewal SA at Lightsview and in other partnerships around Australia,” Peet chief executive Brendan Gore said.

“We are very pleased to be extending our relationship with Renewal SA and look forward to finalising the documentation of the agreed terms of the partnership in the coming weeks.”

Last month, Peet entered into an agreement for the construction of up to 3,300 units and townhouses on the campus of the University of Canberra, with the development valued at $1.7 billion.

Peet shares closed 0.5 per cent higher to 92.5 cents each.