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Published On: Thu, Dec 9th, 2010

AV Jennings Announces 320 Lot Coomera Development

AV Jennings has today announced it has signed an agreement to develop a 320 residential lots in Coomera.

Here is an extract extract from the article titled

AV Jennings adds new developments

Residential property developer AV Jennings Ltd says it has added over 2,700 lots to its development schedule through four new agreements.

The agreements have been signed since AV Jennings reported an annual profit of $9.6 million in August, and will boost the group’s development pipeline to about 12,200 residential lots.

The largest deal involves a project of over 1,750 lots at Penfield in Adelaide’s north, awarded by South Australian government body Land Management Corporation, the firm said in a statement to the ASX.

“This is a significant acquisition in Adelaide and will provide an important cornerstone for the AVJennings operation in Adelaide for a number of years,” chief executive Peter Summers said.

AV Jennings has also acquired 43 hectares of residential-zoned land at Cobbity, in Sydney’s south-west, where approximately 470 lots will be developed.

Another agreement was signed for the development of 320 lots at Coomera, in the Gold Coast hinterland in Queensland.

“Whilst the Queensland market is currently soft, most forecasts are for a recovery in the medium term and the company agrees with this view,” Mr Summers said.

Read the full article at the Sydney Morning Herald

About the Author

- Glenn Batten is the Principal Licensee of First National Real Estate Upper Coomera which provides residential property sales and property management services throughout the Northern Growth Corridor suburbs of Upper Coomera, Coomera, Pimpama, Willow Vale, Ormeau and Oxenford.

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