Peet acquires Keysborough Land Sub Site

19 January 2020

A 4.05ha residential infill site in Kesborough has been acquired by Peet Limited following a campaign by Biggins & Scott.


Peet paid circa $25m for the site which is opposite the new Keysborough South Primary school and within walking distance to the Keysborough South shopping centre. The site is predominantly zoned for General Residential and can accommodate 100 standard dwellings (stca), though a higher density is likely.


Peet is one of the few listed pure residential land developers and holds a broad property portfolio, encompassing 49,400 lots across 48 projects, predominantly in WA, QLD and VIC. The Listed Peet entity co-invests alongside other JV Parties and external third party capital it manages.


According to Peet's market update in December 2019, the business believes market conditions remain mixed, however sentiment is gradually improving. Steady employment growth, record low interest rates, recent income tax cuts and high Government infrastructure investment are expected to support underlying demand. The Group’s lower contracts on hand as at 30 June 2019 are impacting lot settlements in FY20 and will result in earnings being significantly weighted towards the second half of the year.