AVJennings and has furthered its relationship with BOS International, by snaring a second development project.
The joint venture has paid $38 million for a prime in-fill development site.
The 44.2 hectare site is immediately adjacent to an existing AVJ’s residential development project, Creekwood at Caloundra, which is already well advanced in its development.
The site is five kilometres
The new development, Meridan Plains, will have an end value of $190 million and has the potential to yield some 600 residential dwellings.
The site is currently zoned as suitable for residential development. The proposed development will result in the sale of some 330 vacant allotments and some 270 completed dwellings.
Construction is planned to commence by July 2009.
AVJ’s managing director Louis Milkovits said the latest joint venture continues to build on the already strong relationship between AVJ and BOSI.
The partners first entered into a joint venture last month over the $200 million Eastwood development in
In September, AVJ paid $70 million for the former Austral Brickworks site at Eastwood, which currently is masterplanned with a yield of 255 dwellings.
The Eastwood site is the largest value acquisition in which AVJ has been involved.
Australian Property Journal
