AVJennings one step closer to creating new 3,500-home community

AVJennings one step closer to creating new 3,500-home community

AVJennings' (ASX: AVJ) dream of a 3,500-lot master planned community at Caboolture is now one step closer to becoming a reality.

The property developer has crossed the t's and dotted the i's on final documentation which gives it a call option to gain development approval over the land which is in one of south-east Queensland's highest growth corridors.

AVJennings CEO Peter Summers says the project is geared towards affordable housing for families and first home buyers, adding significantly to both its Queensland and national portfolios.

"This exciting and large-scale project will deliver a world-class master planned community in one of Australia's most desirable emerging growth corridors," says Summers.

"The project will also build on the momentum we see in our Queensland business, fueled by our progress across other SEQ-based projects including Riverton at Jimboomba, Arbor at Rochedale and Anise at Bridgeman Downs."

When AVJennings released its annual report in October, Chairman Simon Cheong said the Caboolture project would become a cornerstone of the company's entire Queensland operation.

"While the [AVJennings] land bank remained steady at 9,521 lots under control as of 30 June 2019, it will increase significantly to ~13,500 lots," he said.

"The Caboolture project between Brisbane and the Sunshine Coast will underpin growth and provide a solid base for the Queensland business for a long time."

While further details on the community are yet to be released, Summers says the project will be one of "significant scale and complexity".

AVJennings has lodged its development approval application and has commenced engagement with the council and other relevant authorities.

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