University of Canberra and Peet Plan $1.7 billion project
The University and Canberra and Peet have entered a conditional agreement for the proposed development of a new and innovative residential community in the ACT.
The development of up to 3,300 residences will be on land owned by the University in Belconnen and include a mix of units and townhouses to be established over a 15 to 20-year period.
Peet Limited Managing Director and CEO, Brendan Gore, said Peet, through its wholly-owned subsidiary CIC Australia, was pleased to be establishing the partnership and looked forward to working towards a potential launch in the 2017 calendar year.
“This agreement is a significant step towards an exciting venture with the University of Canberra, which would expand Peet's CIC Australia business in the ACT and demonstrate its breadth of experience in residential development.
"Peet is looking forward to progressing the project and shares the University and ACT Government's vision for a transformational residential development," he said.
The gross development value of the project is currently expected to be circa $1.7 billion which will depend upon property values over time.
"It is great to see another stage of our 'Educated Life' vision coming to fruition,” said University of Canberra Vice-Chancellor Professor Stephen Parker.
“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.
"This residential development, which is part of the University's Campus Community precinct and probably the largest work-integrated learning project in the history of Australian higher education, will be a benchmark for contemporary living that demonstrates innovative planning and design in architecture, landscape and streetscape."
Peet’s MD and CEO, Brendan Gore and Professor Parker signed the agreement, which was witnessed by ACT Chief Minister Andrew Barr MLA, on 21 April 2016.