AUSTRALIA’S largest broadacre property syndicator, Peet and Company Ltd, has launched an $8.5 million capital raising for a 19.7 hectare parcel of land in Byford, south of Perth. A new entity, Peet Byford Syndicate Ltd, was created for the sole purpose of purchasing land, subdividing it and selling the resulting housing and other blocks. Located adjacent to the Byford town centre, the site is within 400 metres of the existing railway station, which is earmarked for a future upgrade to a commuter station. The property is zoned urban development and is close to existing primary schools and a proposed high-school site. Peet and Company managing director Warwick Hemsley said Byford was expected to house more than 20,000 people over the coming years and was already experiencing a rapid increase in development activity and residential lot prices. “It is proposed that the property will be developed in the future for a range of ‘inner-urban’ uses such as residential lots, medium density housing, commercial uses and retirement housing as is appropriate for the doorstep of a town centre,” Mr Hemsley said. Peet and Company listed on the Australian Stock Exchange in August 2004, and has been involved in residential and land development for more than 110 years, master planning estates in WA, Victoria and Queensland in that time. Peet, its subsidiaries and syndicates under management, produced before-tax profits for investors of $115 million in the 2005 financial year, with those entities selling a total of 2,507 lots in the same time period.
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