Property developer Peet Limited has picked up a $67-million site at the University of Canberra and plans to build a $1-billion campus precinct.
The acquisition was a restructure of an agreement for a joint development announced in April, 2016 to give the ASX-listed company full control of the 1600-home development.
The nine-neighbourhood project, expected to start in 2023, involves the creation of five new neighbourhoods and extensive new construction on the vacant university site.
The Perth-based developer said the 15ha acquisition and project restructure was part of its east coast expansion.
The company also entered into an option agreement for a further 6.2ha of land from the university with the option exercisable between January 1, 2027 and December 21, 2030.
Peet chief executive Brendan Gore said the “exciting and innovative project” would be integrated with the broader university campus masterplan.
“The property has the potential to deliver more than 1600 residences through a mix of townhouses and apartments, and more than 1000 townhouses and apartments across the option land,” Gore said.
“The property is expected to be delivered over the next 15 years, while the option land is expected to be delivered over a five-year period if acquired, providing Peet with a long-term presence in the Belconnen town centre growth corridor of Canberra.”
University vice-chancellor Paddy Nixon said these were the next steps in the development of the campus community precinct.
“The University of Canberra’s masterplan envisages a campus connected to our surrounding suburbs with a significant increase in the number of Canberrans living their educated life as part of our community,” Nixon said.
“The proposed development better connects the university with the town centre enabling a more natural connection between the university core, Lake Ginninderra and the Belconnen town centre.”
The masterplan, released in March 2021, outlines a vision for a campus supporting a living, working and studying population of 45,000—12,000 residents, 15,000 students and an enterprise and business population of more than 18,000.
Peet has a 125-year history building communities across the country including its most recent projects—an 11-storey tower in Mosman Park and 1700-lot satellite city in Logan.
