AVJennings buys out partner in St Clair project

AUSTRALIAN developer AVJennings has completed the acquisition of the remaining 50 per cent interest in the St Clair project in South Australia from Urban Pacific Limited, a move that the residential developer says will have positive impact on its results for the current financial year and foreseeable future.

"With some 600 residential lots and apartment sites remaining, this project will continue to form a major component of AVJennings' results for some time," said Peter Summers, chief executive officer of AVJennings.

The acquisition had been flagged by the company when it released its full year results in August.