This article is from the Australian Property Journal archive
JOINT venture partners AVJennings and Urban Pacific have snapped a key site in Woodville, South Australia.
The former Sheridan site is immediately adjacent to the Cheltenham Park Racecourse and the St Clair recreation parkland, and was acquired from Stockland.
AVJennings’ chief executive Louis Milkovits said the development of the site builds on an already strong relationship between AVJ and UPL and the joint venture partnering is consistent with the company’s strategy going forward.
He added that the acquisition will provide beneficial linkages to the Cheltenham Park Racecourse site which AVJ and UPL contracted to redevelop in November last year.
Located just 8kms northwest of the Adelaide CBD and only 5kms from the city beaches, the 15 hectare site is zoned residential and is development approved for 250 allotments, with an estimated end value of $65 million.
The project will be jointly managed by AVJ and UPL.
Milkovits said the area is well serviced by rail and road transport and is in close proximity to the major regional shopping centre at Arndale and the proposed shopping precinct to be developed at the Cheltenham Park Racecourse site.
It is also in close proximity to high quality private and public high schools and primary schools as well as tertiary education facilities.
UPL’s chief executive Wayne Rex said this is a major site that will add significant amenity to the surrounding areas as well.
“We look forward to continuing our successful partnership with AVJennings,” he concluded.
Site remediation is well advanced and further development can commence immediately. The site will be developed as vacant lots suitable for both detached or medium density housing.
First settlements are expected in September 2008.
Australian Property Journal
