GEO Property Group and BOS International (Australia) have entered into their third joint venture.
The JV will develop part of their master planned residential subdivision at Mt Cotton, east of Brisbane.
The Mt Cotton site on Valley Way is approximately 26kms from the Brisbane CBD and covers a total area of 76ha. The JV comprises a 19.5ha precinct within the master planned estate which is expected to realise a total of 142 allotments with an estimated value on completion of $34.5 million.
GEO’s managing director Guy Farrands said Mt Cotton will be the third major JV. The partners are already undertaking developments for the $130 million Little Creek project at Kirkwood, in the Central Queensland city of Gladstone and the $36.8 million Cornell’s Hill project at Doreen, north-east of Melbourne.
“We have been seeking joint venture partners for some of our communities development projects as part of our asset realisation plan and we are delighted that BOSI has joined us again,” he added.
BOSI’s director of joint ventures Craig Newnham said the addition of Mt Cotton provides further diversification across a growing portfolio of residential projects being undertaken with GEO.
Civil works are about to commence on Stage 1 (32 lots) of the project with first settlements to occur early in 2009.
PropertyReview.com.au
