Peet Limited launches new land syndicate
09/11/2006Australia's largest residential land syndicator, Peet Limited, has released its first syndicated land investment opportunity for 2006/07.
The Botanic Village Syndicate gives investors the opportunity to tap into the high-growth area of Cranbourne, around 45 kilometres south east of Melbourne.
Peet Botanic Village Syndicate Limited has launched a $16 million capital raising to be applied toward the costs of acquiring 64 hectares in Cranbourne South, within the popular Casey Cardinia corridor. The land is already identified by the Melbourne 2030 Urban Growth Boundary for its future residential development potential.
Ultimately, it's anticipated the Botanic Village land will be developed to include around 760 residential lots with an end-value estimated at more than $106 million based on current lot prices. Facilities just five kilometres from the site will provide residents with a mix of business, retail, services and entertainment complexes and outstanding recreational facilities.
The City of Casey boasts Victoria's largest and fastest growing population and is Australia's third-fastest growing local government area.
Shares in Peet Limited's last syndicate in the region – Peet Cranbourne Central – closed early and over subscribed late in June 2006.
Peet Limited Managing Director, Warwick Hemsley, said the Botanic Village Syndicate offered a value-for-money investment vehicle with minimal overheads and the potential for solid returns.
"This is an excellent opportunity to participate in a residential development project offering good location, underlying security and the prospect of sound profit performance," he said.
"Following the popularity of our previous syndicate in the area, we expect very strong demand for this latest opportunity."
Mr Hemsley said Peet Limited had an excellent record in profitably managing property syndicate projects for investors with a general target performance for new syndicates of 15 – 20 per cent per annum return pre-tax on capital.
Peet Limited is a diversified property group delivering prosperity through property throughout Australia.
The company currently acts as project manager and marketing agent for some 67 land development projects in Western Australia, Victoria with a growing presence in Queensland and New South Wales. It has a residential land bank of around 31,000 lots with an estimated end value of $5.4 billion if sold at today's prices.
The Botanic Village Syndicate Limited share offer, as detailed in the Prospectus to be issued, is for 16 million $1.00 shares payable in full on application, with a minimum application of 5,000 shares. The issue is fully underwritten by Peet Limited. Applications for a further 8 million shares may be accepted.
For a free prospectus, register your interest at www.peet.com.au or phone 1800 689 778.
