Developer Peet acquires 15 acres of University of Canberra land for $ 67 million | Canberra Times

news, education, University of Canberra, Peet, Canberra developments, campus, campus accommodation, Canberra property, Peet Limited, Bruce

More than 2,600 new campus homes could be built on the University of Canberra’s Bruce campus under an agreement with land developer Peet Limited. Peet has acquired approximately 15 acres of land from the university for an estimated $ 67 million, to be paid in installments over seven years from 2022. The purchase is conditional on the ACT government granting a crown lease. The agreement is a restructuring of an existing joint development agreement between the University of Canberra and Peet Limited, which was confirmed in 2016. MORE PROPERTY NEWS: The original agreement was to build 3300 new homes over two decades, starting in 2017. To date, none of the homes are built on the vacant lot that runs along Aikman Drive. Under the restructured agreement, Peet was also able to acquire an additional 6.2 acres of land from the university as part of an option agreement that could be exercised between January 1, 2027 and December 21, 2030. Peet Limited’s CEO and CEO Brendan Gore said it new agreement gives the developer 100 percent control over the project. “That [15-hectare land] has the potential to deliver more than 1,600 homes through a mix of townhouses and apartments and more than 1,000 townhouses and apartments across the option land, “he said. University of Canberra Vice Chancellor Professor Paddy Nixon said the agreement will help promote campus ‘master plan.’ enabling a more natural connection between the university’s core, Lake Ginninderra and Belconne’s city center. “The University of Canberra’s 20-year master plan was released in March 2021, outlining a vision to integrate campuses with neighboring districts. The plan includes more than $ 5 billion in real estate investments and an increase of 60,000 square feet in core university facilities.Pee ts 15 hectares The housing development is expected to be delivered over 15 years starting in the financial year 2023 and has an estimated gross sales value of more than DKK 1 billion. The optional land will be provided over five years if acquired. Our journalists work hard to deliver local, up-to-date news to the community. Here’s how you can continue to access our trusted content:

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