Peet Limited’s latest land syndicate filling quickly
10/01/2007Investors have responded strongly to the latest syndicate offering from Australia's largest land syndicator, Peet Limited.
Peet's Managing Director Warwick Hemsley said the Peet Botanic Village Syndicate was filling fast and investors should register their interest quickly.
"Commitments have already passed the 60 per cent mark and we anticipate it will reach the minimum subscription within the next few weeks," Mr Hemsley said.
The syndicate offering gives investors the opportunity to tap into the high-growth area of Cranbourne, around 45 kilometres south east of the Melbourne CBD.
Peet Botanic Village Syndicate Limited is raising capital for the acquisition of 64 hectares in Cranbourne South, within the popular City of Casey growth corridor. The land is already identified by the Melbourne 2030 Urban Growth Boundary for its residential development potential.
"While the Perth market has seen values rise sharply in recent years, the Melbourne market has been relatively flat and represents a strategic buying opportunity," Mr Hemsley said.
"Recognising this, Peet Limited has been increasingly turning its focus to Victoria, Queensland and New South Wales.
"Though the markets in these states have been flat, residential vacancy rates are very low indicating latent demand may be building and suggesting sound future prospects," he said.
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 $100 million based on current lot prices. Facilities in the greater Cranbourne area will provide future 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.
Established 111 years ago, 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 and 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 is for 16 million $1.00 shares 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 prospectus, go to Peet Botanic Village Syndicate on our website or phone 1800 689 778.
- Peet Limited’s latest land syndicate filling quickly (36 KB)
- Peet Botanic Village Syndicate - Prospectus cover (95 KB)
