AVJennings to buy Waterline Place project in Victoria, Australia

AVJENNINGS on Tuesday said it has signed agreements to acquire the Waterline Place project in Williamstown, Victoria.

It did not reveal the acquisition cost.

Waterline Place has up to 850 dwellings with a mix of apartments and townhouses, as well as retail spaces, in the historic inner Melbourne suburb of Williamstown.

Waterline Place is AVJennings' first major inner suburb infill project in Victoria for some time. It is situated about 9 km southwest of Melbourne CBD,

This follows its April announcement of the establishment of the Wollert joint venture (JV) for a project that will deliver more than 2,000 lots.

The JV was set up with AustralianSuper, Australia's biggest superannuation fund with more than A$85 billion in member assets, to develop land at Wollert in Victoria. The JV has options over three parcels of land at Wollert, with a developable area of around 1,400,000 square metres.

Meanwhile, the Waterline project is already underway, and AVJennings expects it to be a "a significant contributor to results" over the next few years.

Veteran Singaporean property developer Simon Cheong is chairman of AVJennings.