This article is from the Australian Property Journal archive
PEET Limited, via its wholly-owned subsidiary CIC Australia, has entered into a second development partnership with the South Australian government, for the residential component of the Tonsley project in Adelaide’s south-west.
The announcement was made by South Australian Minister for Transport and Infrastructure Stephen Mullighan following a call for expressions of interest in the project, which will develop a mix of housing types including townhouses and apartments.
The partnership will see the state government, via Renewal SA and Peet jointly deliver more than 850 dwellings over 11ha for around 1,200 residents, as part of an industry and education precinct.
The gross development value of the project is currently projected to be around $265 million, dependent on property values over time.
This agreement follows the 15ha urban renewal project Peet and Renewal SA worked on in Adelaide’s newest suburb of Lightsview.
Australian Property Journal
