The University of Canberra has signed a $1.7 billion agreement with CIC Australia, Peet Limited’s Canberra-based subsidiary, for a multi-stage development of up to 3300 residences to be built on its Bruce campus over the next 15 to 20 years.
Peet Limited is a West Australian developer.
The residences will consist of townhouses and units, with the project’s gross value currently modeled at $1.7 billion but dependent on changes in property values over time.
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The University has agreed with the ACT Government that a maximum of 200 dwellings will be released per annum starting in 2017, contributing to growth and employment in the Territory.
The project will fund a new professor position in urban design and it will also be a reference site for research projects in housing design, urban design and public health.
University of Canberra Vice-Chancellor Professor Stephen Parker said the agreement was a great step towards achieving the long-term vision of the institution’s campus 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 said.
“It will be a benchmark for contemporary living that demonstrates innovative planning and design in architecture, landscape and streetscape.”
Students studying architecture, landscape architecture, building and construction management, urban planning and other relevant disciplines would be involved in the project, making it probably the largest work-integrated learning project in the history of Australian higher education, according to Professor Parker.
“Over the next 10-15 years, staff and students will work with the developers, pursuant to a Collaboration Agreement, to generate an evidence-based new way of urban living,” he said.
The announcement is one of the last for Professor Parker as Vice-Chancellor. He finishes up at the University later this month.
ACT Chief Minister Andrew Barr said the agreement was made possible by a series of legislative amendments “to support the University of Canberra as it continues to grow in size, in reputation and in its economic and social contribution to our city”.