27-Mar-2008
Urban Pacific strengthens Adelaide metropolitan portfolio
Leading residential property developer Urban Pacific Limited, today announced that, in joint venture with AVJennings Ltd (AVJ), it has been successful in acquiring the former Sheridan site in Woodville, South Australia. The 15 hectare site is immediately adjacent to the Cheltenham Park Racecourse and the St Clair recreation parkland.
The acquisition will provide beneficial linkages to these adjacent sites. AVJ and UPL contracted to redevelop the Cheltenham Park Racecourse site in November 2007.
The Sheridan site (also previously known as the Actil site) is zoned residential and is development approved. 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.
The site, located just 8 kilometres northwest of the Adelaide CBD and only 5 kilometres from the city beaches, will yield some 250 residential allotments, with an estimated end value of $65 million. It is well serviced by rail and road transport and is in close proximity to the major regional shopping centres at West Lakes and Arndale. It is also in close proximity to high quality private and public high schools and primary schools as well as tertiary education facilities.
The development of the site builds on an already strong relationship between AVJ and UPL.
"We look forward to continuing our successful partnership with AVJennings. This is a major site that will add significant amenity to the surrounding areas as well," said Mr Wayne Rex, CEO of Urban Pacific.