13 July 2016

UC signs 15-20 year, $1.7b deal for residence project

| Charlotte
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Stephen Parker

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.

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”.

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I think this development is a good idea. The general public can live there (and former students can stay after graduation) and therefore the real estate will not become like UniLodge in Sydney. Also I have read about universities in America building residential areas on their campuses for retired academics to live and engage with the university. 3,300 residences is a whole suburb. I would be interested to see the land and if it is going to connect the campus to Belconnen CBD.

Ah, let me see if I understand this.
Canberra University is building 3,300 residences on “its” campus?
A lot is said about what the benefits will be but at the end of the day it appears to be a fund raiser for the stakeholders and very little to do with housing the students.
I understand the “residences” (another name for home units and townhouses) will be sold to private investors following “legislative amendments” that have been made. This would indicate that CU will have no control over their use past the point of sale.
When are the full details going to be released?

Charlotte Harper1:13 pm 21 Apr 16

From the CIC website:
CIC Australia a member of the PEET Limited group
In August 2013, CIC Australia’s CEO, Col Alexander, announced a friendly takeover/merger by leading national property group, PEET Limited. At that time, PEET acquired a majority of the shares in CIC. In February this year, the Board of CIC Australia Limited approved a proposal that saw PEET acquire the remaining CIC shares in May 2015. CIC Australia will continue as a wholly-owned subsidiary of PEET Limited, Australia’s largest specialist residential land developers.

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