3300 homes coming to University of Canberra campus

The University of Canberra has announced a $1.7 billion project to build 3300 homes on its campus. Picture: University of Canberra

Listed developer Peet has struck an agreement to develop 3300 new homes on the University of Canberra’s campus in a $1.7 billion project likely to run for up to 20 years.

The conditional deal adds to Peet’s 48,000-lot pipeline and to its other Canberra project, the 6500-dwelling Googong masterplanned community being undertaken with Mirvac.

Peet, headed by Brendan Gore, yesterday told the ASX it hopes to have approval for the project on the university’s Belconnen campus by next year.

University of Canberra vice-chancellor Stephen Parker says it has agreed with the ACT government to release a maximum of 200 dwellings a year starting in 2017, to contribute to growth and employment in the territory.

This residential development, which is part of the University’s Campus Community precinct, will see a mix of students, faculty, staff, alumni and members of the general public living in a modern, progressive, sustainable, edgy community

The project, made up of units and townhouses, will be undertaken by CIC Australia, a Canberra developer that Peet took over last year.

Professor Parker says the agreement is a step towards achieving the university’s long-term development plan.

“This residential development, which is part of the University’s Campus Community precinct, will see a mix of students, faculty, staff, alumni and members of the general public living in a modern, progressive, sustainable, edgy community,” he says.

This article originally appeared on www.theaustralian.com.au/property.