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St Clair project in South Australia will have a positive impact on AVJennings: CEO
THE acquisition of the remaining 50 per cent interest in the St Clair residential project in South Australia will have a positive impact on AVJennings results for the current financial year and for the foreseeable future, chief executive officer, Peter Summers, said.
AVJennings had completed the stake purchase from Urban Pacific Limited, a subsidiary of Macquarie Bank, on Tuesday.
"With some 600 residential lots and apartment sites remaining, this project will continue to form a major component of the AVJennings' results for some time," Mr Summers said.
St Clair is a master planned community which, at its completion will see an estimated 3,000 residents living in around 1,250 houses, townhouses and apartments.
The project, on the former Cheltenham racecourse, covers a total area of 64 hectares and is now home to more than 470 households.