Peet finalises the acquisition of strategic landholding from University of Canberra
Wednesday, October 11, 2023
Today we announced that the acquisition of approximately 15 hectares of land from the University of Canberra (UC) is now unconditional, following the satisfaction of the condition precedent requiring the issue and transfer approval of a Crown Lease.
As previously confirmed to the market, Peet has also entered into an option agreement for the acquisition of a further 6.2 hectares of land from UC, with the option exercisable between 1 January 2027 and 31 December 2030.
Our strategy is to create value by investing in high quality strategic locations across Australia, expanding our product offering and geographic presence to appeal to a wider variety of customers and to maintain strong capital management.
This deal has been negotiated on capital efficient terms and allows Peet full control of this exciting and innovative project that will be integrated with the broader UC campus masterplan. UC has the potential to deliver more than 1,600 residences through a mix of townhouses and apartments and more than 1,000 townhouses and apartments across the Option Land – significantly increasing Peet’s built-form pipeline. The UC development will provide Peet with a long-term presence in the Belconnen Town Centre growth corridor of Canberra.
The all-electric community will incorporate significant sustainability initiatives, including 7-8 star buildings, solar passive design, solar street lighting and infrastructure, rainwater harvesting, EV charging stations and a central waste management facility.
Planning is already well advanced and, subject to market conditions, we anticipate commencing selling in FY2026.