Residential property developer AVJennings announced the acquisition of the remaining 50 per cent of its greenfields residential development site south-west of Brisbane.
Located in the semi-rural township of Jimboomba approximately 49-kilometres south-west of Brisbane's CBD, AV Jenning's project Riverton will deliver around 1200 lots and approximately 100 acres of open community space.
The listed company, which has been operating since 1932, says the project will deliver a mix of residential dwellings, including quality affordable housing, in South East Queensland across the next five years.
“This exciting project enhances our commitment to the local market in South East Queensland,” AVJennings’ managing director Peter Summers said.
“By having 100 per cent ownership of this attractive development we can implement our plans to provide a broad range of quality product offerings including quality affordable homes for first home buyers and others looking for residential property in one of Australia’s fastest growing regions.”
The house and land developer reported profit after tax of $1.4 million for the year half to December 31, down from $15.5 million for the previous corresponding period, although it remained confident in the nation’s markets despite tighter credit conditions.
AVJennings said it was confident that “subdued market conditions were temporary” and did not “represent ‘the new normal’ because market fundamentals remain sound”.
The remaining 50 per cent Riverton acquisition is slated to settle by June 2019.