AVJennings Acquires $350m Infill Project

Property developer AVJennings has acquired a $350 million infill project, Waterline Place, in Williamstown, Victoria.

Waterline Place is a high quality and significant development of up to 850 dwellings with a mix of apartments and townhouses, as well as retail spaces in the historic inner Melbourne suburb of Williamstown.

AVJennings General Manager Victoria Mr Peter Vlitas said, “Waterline Place will provide another exciting opportunity for our company to deliver quality housing with excellent design. It will complement the unique features of this iconic waterside locality, situated about 9 km south west of Melbourne CBD."Waterline Place is AVJennings' first major inner suburb infill project in Victoria for some time.

“We look forward to offering customers a range of housing solutions including apartments and townhouses in a highly desirable location,” Mr Vlitas said.

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AVJennings Managing Director Peter Summers said, "The project will provide a significant increase and diversification in AVJennings’ Victorian business, and follows the recent announcement of the establishment of the Wollert JV involving some 2000 lots. Both transactions demonstrate the Company’s confidence in the sector."Mr Summers said the positive reaction to the recent market guidance of profit before tax in the order of $40 million of higher for the year to 30 June 2015 was pleasing and supported the Company's strategies adopted in recent years. He also noted that as the Waterline project is already underway, it was expected it will be a significant contributor to results over the next few years.