Buyers are expected to be attracted to the abundance of parklands and recreational areas on offer at Brimbank Gardens when Stage 30A1 is released on Saturday 6th September, with a new park at the heart of this stage of the popular Peet Limited estate.
The release will see 36 lots brought to market, with a number of homesites facing Bowmont Park, with all lots in easy reach of established playgrounds, childcare and proposed schools and shopping sites.
The Stage 30A1 lots, which range in size from 400sqm to 627sqm, will be released on site at the Brimbank Gardens Sales Office from 12pm on a first-come, first-served basis.
Brimbank Gardens is one of the closest new residential land developments west of the CBD. This means the estate provides for an idyllic Melbourne lifestyle – close to thriving city-life with the benefit of plenty of open space for the pursuit of family-fun and a range of recreational activities.
Public transport is within easy reach, with a bus services running through the estate and the sunshine train station ideally located nearby. The Deer Park by-pass is scheduled for completion in mid-2009.
Managing Director Brendan Gore said the estate is proving very popular with buyers and he expects strong interest in this latest release.
“Through careful planning, Brimbank Gardens combines a sense of community and lifestyle, with convenience and accessibility.
“The attention to landscaping and the preservation of natural elements including the creek valleys and grasslands gives the estate an added advantage when combined with its location and access to amenities,” said Mr Gore.
Once complete, Brimbank Gardens will be home to some 2,100 new households and provide all the ingredients for a superb lifestyle.
In time, buyers will also be in close proximity to the future schools, child care centre and retail site, all planned for the estate.
An added attraction for all purchasers is Peet Limited’s Flying Start package, which at Brimbank Gardens includes fencing, water wise front garden landscaping and a $5,000 early settlement rebate – making it easier and more affordable to build and establish their new home.
The Brimbank Gardens Sales Office at 43 Windsor Boulevard, Derrimut is open from 12pm to 5pm Saturdays through to Wednesdays.
For further sales information please contact Peet Limited’s Brimbank Gardens Sales Manager Geraldine Everett on 9363 7071 or 0402 234 155.
Tuesday, August 26, 2008
Friday, August 22, 2008
Peet delivers another record profit
- Net profit after tax increased by 5.3% to $47.9 million.
- Earnings per share increased to 21.6 cents.
- Record final dividend of 10.75 cps fully franked (full year: 19.75 cps fully franked).
- Gearing ratio at year end of 37%.
- 69% of EBIT from Vic and Qld and 31% EBIT from WA.
- Strengthened management team.
- $300 million wholesale land syndicate established.
- Acquisition of 5,600 lots across Australia.
- Land bank of approximately 37,000 lots, with an estimated on-completion value of $7.4 billion, if sold at today’s prices.
Group Operating Highlights
Peet Limited Managing Director and Chief Executive Officer, Brendan Gore, said the record result was achieved in very mixed market conditions, driven particularly by solid earnings from the Company’s east coast operations.
“Despite difficult trading conditions, Peet’s underlying business has performed well during FY08,” said Mr Gore.
“This performance demonstrates the fundamental strength and quality of our business model – and the experience and skill of our entire team.
“Specifically, the earnings growth is due to the continuing strength of the Company’s land syndication business, strong residential land sales in Victoria and Queensland and a satisfactory performance in a challenging Western Australian market.”
Some 69% of EBIT came from Peet’s Victorian and Queensland operations, while 31% of EBIT came from Western Australian operations, building on recent trends.
“This is the fourth consecutive year in which more than half the Company’s EBIT has come from east coast business activities and we are continuing to grow the business right across the country with strategic acquisitions and a well-mapped production pipeline,” said Mr Gore.
Peet Limited Chairman, Tony Lennon said the Company had achieved an increase in earnings per share to 21.6 cents per share for the year, and the Directors had declared a final dividend for the year of 10.75 cents per share, fully franked.
“That brings the total dividend per share for the year to 19.75 cents – or 28.2 cents per share before tax allowing for 100% franking,” he said.
Peet’s land bank continues to be an underlying strength with a total of some 5,600 lots acquired during the year. At year end, the Peet land bank stood at approximately 37,000 lots with an estimated oncompletion value of $7.4 billion, if sold at today’s prices.
Included in the year’s acquisitions was a rare 243 hectares of ocean front land at Alkimos on Perth’s northern beaches, which was purchased by Peet Limited’s first wholesale syndicate established late in 2007. It is anticipated the Alkimos project will yield in excess of 2,800 dwellings.
An Alkimos retail syndicate opportunity will be released in the first half of FY09. Land sales and settlements The Group sold a total of 2,274 lots from its managed and owned projects during the year grossing in excess of $370 million in sales.
Meanwhile, settlements were achieved on more than 2,400 lots grossing more than $426 million in sales revenue. At the end of the year the Group had in excess of 940 lots across its managed and owned projects that had sold but were yet to settle for a value of almost $183 million.
During the year Peet sold 814 Company-owned residential lots. The pre-tax earnings increased 7.8% to $34.8 million on revenue of $111.6 million from 806 lots settled.
Peet has also progressed development of its first over-55s venture with the first display home at Peet Senior Living’s Lattitude Lakelands site in Western Australia opened, and construction commencing on the first 31 homes in Stage 1. A total of 21 pre-sales has been achieved and are scheduled to commence settling in FY09.
Peet Limited’s strength in land syndication was again evidenced with revenue from land syndication increasing by 7.1% during the year to $45.6 million, contributing to a 10.8% increase in pre-tax earnings to $34.9 million. This result was achieved on the back of more than 1,400 lots sold and 1,484 lots settled across the syndicated portfolio.
“Once again, the improved result was attributable to sound demand for residential land across Victoria and Queensland,” said Mr Gore.
At year end, Peet was managing 28 syndicated land holdings nationally, half of which were located on the east coast of Australia.
During the year Peet also completed its first retail syndicate with land in three states and, in line with its national investor relations strategy, grew its investor base by attracting new investors from across Australia. Peet Tri State Syndicate Limited holds land in Western Australia, Queensland and New South Wales and the first lots are due to be released in the year ahead.
Changes to Management Structure
During the year, the Company appointed several experienced senior executives to the management team allowing the Managing Director and CEO to implement a new robust and efficient organisational structure.
“Peet has continued to invest for the future by adding highly skilled and experienced members to its executive and management team during the financial year,” said Mr Gore.
Capital Management
Peet had net bank debt at 30 June 2008 of $224 million while gearing (net bank debt/total assets – adjusted for market value) stood at 37%, which is within the Company’s target range of 30%-40%.
The Group maintained its three-year evergreen corporate facility with a maturity profile of 2.2 years and was 36.5% protected by fixed interest rate hedges. The average cost of debt for the year was approximately 7.8% and the interest cover was 4.21 times.
The Company is fully compliant with all its banking covenants.
“Peet remains well positioned with its banking facilities secured by its portfolio of high-quality property assets, solid operating cash flows and strong banking relationships,” said Mr Gore.
“Operating cash flows supported by additional borrowings were predominantly used to acquire and develop land during the year,” he said.
Strategy
Peet Limited’s focus, in what will be a challenging residential property market in the year ahead,
remains on delivering sustainable and steady growth in earnings for shareholders over the medium to long term.
Peet will continue to:
- focus on its core business of asset management, land syndication and funds management;
- seek opportunities to grow its existing funds management platform and capital partnering
- relationships;
- remain prudent with its capital management by recycling capital and managing gearing levels.
- address the affordability issue, ensuring a full range of product offering;
- leverage its land bank - generating further development opportunities; and
- ensure its operations are environmentally responsible.
“The Company is currently marketing and managing some 80 developments across Australia, well over half of which are on the east coast,” he said. “In the year ahead, sales at a further eight developments including seven on the east coast are scheduled to commence.
“Our production pipeline and marketing schedule underlines the strategic manner in which the
Company has built a strong and geographically diverse land bank with the objective of optimising
returns in varying market conditions and managing its business through property cycles,” said Mr Gore.
“We will continue to make prudent and strategic decisions about the allocation of capital, acquisitions and partnership opportunities.
“Peet Limited continues to operate under the same quality business model that has delivered
consistent growth over many years with a high level of transparency and responsible gearing.”
Outlook
“Peet Limited expects to be operating within a challenging Australian residential market in the year ahead, with clear signs that the difficult macroeconomic environment will persist in FY09,” said Mr Gore.
“Nonetheless, the fundamentals of the residential property market remain sound.
“While short-term issues such as affordability, purchaser confidence and investor activity can cause more volatile short-term cycles, long-term prospects for residential property development are strongly linked to underlying supply and demand.
“The current cycle has resulted in a major shortfall in housing supply relative to underlying demand, which is determined by factors such as population growth (driven by international migration) and employment rates – and those factors remain positive.
“Interest rates are also a key catalyst for consumer sentiment and, while anticipated lower interest rates are unlikely to spark an immediate response, it should have a positive impact on the residential property market,” said Mr Gore.
“Peet, with the strengths of its business platform, management experience and the geographic diversity of the business, is well placed to target ongoing earnings growth over the medium to long-term.”
Thursday, August 21, 2008
Kwinana to benefit from Green Corps funding
An innovative, collaborative partnership between a private organisation, a local government authority, a landcare authority, an indigenous organisation, a community group and an employment/training agency has resulted in the group successfully securing Green Corps funding for a project to rehabilitate native bushlands and wetlands in the Kwinana area.
The 26 week Youth Greening and Growing the Environment project will commence in September this year, providing ten local young people the opportunity to contribute to the enhancement, conservation and ecological function of a number of existing natural environmental assets in Kwinana.
Each of the project partners – Peet Limited, Bridging the Gap Inc, Ngulla Community Nursery, Medina Aboriginal Cultural Community, Town of Kwinana and Swan Catchment Council – are committed to community involvement in achieving Kwinana’s environmental vision and youth development in Kwinana.
The innovative environmental training and youth development project will be run with Greening Australia as a part of the Federal Government’s highly successful Green Corps program, a youth development and environmental training program aimed at youths aged between 17 and 20.
Peet Limited Managing Director Brendan Gore said he was proud to support the program which delivers significant social and environmental benefits to local communities.
“This partnership has helped create something very positive,” said Mr Gore. “This is ‘real-life’ work experience that develops valuable skills in each of the participants and helps to create an environmental asset for communities,” he said.
“Peet’s previous involvement with Green Corps projects has been very rewarding and we’re looking forward to working with our partners, Greening Australia and the young people who get the opportunity to be involved.”
The project will provide diverse work and training opportunities and offer a range of interesting environmental, heritage and community projects across six different locations within broader Kwinana, including:
Ngulla Community Nursery – propagating and planting native plant species, building infrastructure and the installation of fencing
The Village at Wellard northern wetland – mulching, revegetating bushland and installing educational signage throughout the wetland. Other potential activities may include the constructing a new boardwalk.
Kwinana Beach – rehabilitating dune areas, developing a walk trail and erosion control.
Magenup Lake – weed control, constructing a fence and installing interpretive signage.
Clementi Reserve – rehabilitating walkways, constructing and installing fencing along trails and controlling weeds and mulching bushlands.
Spectacles Wetlands – rehabilitating bushland areas damaged in the 2007 Christmas fires by surveying existing plant re-vegetation, collecting seed for propagation, supporting weed spraying operations and removing dangerous objects
The Green Corps project aims to provide environmental outcomes which aid the conservation of Australia’s natural environment and provide youths with opportunities for improved employment and educational outcomes as they connect with their communities.
Each member of the Green Corps team will receive accredited training designed to develop practical skills to help them open the door to future employment opportunities. They will also receive first-aid and occupational health and safety training to complete their work-force experience.
If you are interested in getting involved in this project or would like to find out more, please contact Claire Hudson at Greening Australia on 0427 439 728.
The 26 week Youth Greening and Growing the Environment project will commence in September this year, providing ten local young people the opportunity to contribute to the enhancement, conservation and ecological function of a number of existing natural environmental assets in Kwinana.
Each of the project partners – Peet Limited, Bridging the Gap Inc, Ngulla Community Nursery, Medina Aboriginal Cultural Community, Town of Kwinana and Swan Catchment Council – are committed to community involvement in achieving Kwinana’s environmental vision and youth development in Kwinana.
The innovative environmental training and youth development project will be run with Greening Australia as a part of the Federal Government’s highly successful Green Corps program, a youth development and environmental training program aimed at youths aged between 17 and 20.
Peet Limited Managing Director Brendan Gore said he was proud to support the program which delivers significant social and environmental benefits to local communities.
“This partnership has helped create something very positive,” said Mr Gore. “This is ‘real-life’ work experience that develops valuable skills in each of the participants and helps to create an environmental asset for communities,” he said.
“Peet’s previous involvement with Green Corps projects has been very rewarding and we’re looking forward to working with our partners, Greening Australia and the young people who get the opportunity to be involved.”
The project will provide diverse work and training opportunities and offer a range of interesting environmental, heritage and community projects across six different locations within broader Kwinana, including:
Ngulla Community Nursery – propagating and planting native plant species, building infrastructure and the installation of fencing
The Village at Wellard northern wetland – mulching, revegetating bushland and installing educational signage throughout the wetland. Other potential activities may include the constructing a new boardwalk.
Kwinana Beach – rehabilitating dune areas, developing a walk trail and erosion control.
Magenup Lake – weed control, constructing a fence and installing interpretive signage.
Clementi Reserve – rehabilitating walkways, constructing and installing fencing along trails and controlling weeds and mulching bushlands.
Spectacles Wetlands – rehabilitating bushland areas damaged in the 2007 Christmas fires by surveying existing plant re-vegetation, collecting seed for propagation, supporting weed spraying operations and removing dangerous objects
The Green Corps project aims to provide environmental outcomes which aid the conservation of Australia’s natural environment and provide youths with opportunities for improved employment and educational outcomes as they connect with their communities.
Each member of the Green Corps team will receive accredited training designed to develop practical skills to help them open the door to future employment opportunities. They will also receive first-aid and occupational health and safety training to complete their work-force experience.
If you are interested in getting involved in this project or would like to find out more, please contact Claire Hudson at Greening Australia on 0427 439 728.
Tuesday, August 12, 2008
Find yourself a place with a difference at Innisfail
The strong interest in land at Peet Limited’s popular Innisfail Estate is expected to continue when a further 43 home sites are released this Saturday 16 August.
New release lots are positioned to take advantage of natural surrounds located within walking distance of established sporting fields, parklands, schools and child care facilities.
Innisfail’s innovative design incorporates the grand Boardwalk Boulevard with direct access to the Princes Hwy and well-lit streets and pathways provide added safety for families.
Buyers also have the convenience of easy access to established facilities and amenities including Point Cook’s Town Centre, coastal park and state of the art recreational facilities, presenting an enviable lifestyle without compromise.
The lots in Stage 20A, which range in size from 425sqm to 616sqm and are priced from $178,000 will be released on site at the Innisfail Estate Sales Office from 12pm.
Peet Limited Managing Director Brendan Gore said with more than half the homesites at Innisfail Estate now sold, there’s never been a better time to join this growing community which will ultimately be home to some 2,000 households.
“The estate has been innovatively designed to complement Australia's unique culture and lifestyle,” said Mr Gore. “That has proved very attractive to families, couples and singles alike and Stage 20A provides another great opportunity for buyers.”
Innisfail Estate is proudly named after the century old farming property on which the estate is located and the beautifully landscaped streets bear names inspired by Australians who have influenced the arts, literature, politics, science and sports.
An added attraction for all purchasers is Peet Limited’s Flying Start package, which at Innisfail Estate includes fencing, water wise front garden landscaping and a $5,000 early settlement rebate – making it easier and more affordable to build and establish their new home.
The Innisfail Estate Sales Office is located at 9 Innisfail Drive, Point Cook and is open Saturday to Wednesday from 12pm to 5pm.
To register your interest or for further sales information please contact Peet Limited’s Innisfail Estate Sales Manager Minloo Germann on (03) 9395 2155 or visit www.peetinnisfail.com.au.
New release lots are positioned to take advantage of natural surrounds located within walking distance of established sporting fields, parklands, schools and child care facilities.
Innisfail’s innovative design incorporates the grand Boardwalk Boulevard with direct access to the Princes Hwy and well-lit streets and pathways provide added safety for families.
Buyers also have the convenience of easy access to established facilities and amenities including Point Cook’s Town Centre, coastal park and state of the art recreational facilities, presenting an enviable lifestyle without compromise.
The lots in Stage 20A, which range in size from 425sqm to 616sqm and are priced from $178,000 will be released on site at the Innisfail Estate Sales Office from 12pm.
Peet Limited Managing Director Brendan Gore said with more than half the homesites at Innisfail Estate now sold, there’s never been a better time to join this growing community which will ultimately be home to some 2,000 households.
“The estate has been innovatively designed to complement Australia's unique culture and lifestyle,” said Mr Gore. “That has proved very attractive to families, couples and singles alike and Stage 20A provides another great opportunity for buyers.”
Innisfail Estate is proudly named after the century old farming property on which the estate is located and the beautifully landscaped streets bear names inspired by Australians who have influenced the arts, literature, politics, science and sports.
An added attraction for all purchasers is Peet Limited’s Flying Start package, which at Innisfail Estate includes fencing, water wise front garden landscaping and a $5,000 early settlement rebate – making it easier and more affordable to build and establish their new home.
The Innisfail Estate Sales Office is located at 9 Innisfail Drive, Point Cook and is open Saturday to Wednesday from 12pm to 5pm.
To register your interest or for further sales information please contact Peet Limited’s Innisfail Estate Sales Manager Minloo Germann on (03) 9395 2155 or visit www.peetinnisfail.com.au.
Wednesday, August 6, 2008
Join in the opening celebrations at the Lakelands Community House
Lakelands residents and the local community are invited to join the City of Mandurah and Peet Limited to celebrate the official opening of the new Lakelands Community House on Saturday 9 August.
The Community House, located on the corner Dalona Parkway and Jasper Way in the award-winning Lakelands Private Estate is a community partnership project between the City of Mandurah and Peet Limited.
Her Worship the Mayor of Mandurah Paddi Creevey will officially open the Community House at 12pm, with a free fun-filled community event to follow running until 3pm.
An afternoon for the whole family to enjoy is planned, with a host of activities and entertainment including a roving magician, arts and crafts and informative community displays by local groups as well as a free sausage sizzle!
Peet Limited Managing Director Brendan Gore said he was very pleased to see the completion of the project result in the opening of a great community facility.
“At Peet, we understand the importance of having the early provision of places and space for the community to meet and interact. This community building will provide an interim facility enabling the community to develop and form within their own suburb,” said Mr Gore.
“And the Lakelands Community House project is a great demonstration of what can be achieved through public and private partnerships.”
The Lakelands Community House is already the new home for the Lakelands Sales and Information Office and will also host future meetings of the Lakelands community groups. It will also be available for use by other local community groups, and will form a hub for Lakelands and the surrounding neighbourhood.
City of Mandurah Mayor Paddi Creevey said the Community House will provide a place for residents to meet, socialise, make new friends and gather information on services and activities available in the local area. She thanked the staff from both the Council and Peet Limited for all their work in finalising this project.
“Already people in the community are coming up with their own ideas about what they can use the House for and getting together to form groups which is tremendous to see,” Mayor Creevey said.
The Community House, located on the corner Dalona Parkway and Jasper Way in the award-winning Lakelands Private Estate is a community partnership project between the City of Mandurah and Peet Limited.
Her Worship the Mayor of Mandurah Paddi Creevey will officially open the Community House at 12pm, with a free fun-filled community event to follow running until 3pm.
An afternoon for the whole family to enjoy is planned, with a host of activities and entertainment including a roving magician, arts and crafts and informative community displays by local groups as well as a free sausage sizzle!
Peet Limited Managing Director Brendan Gore said he was very pleased to see the completion of the project result in the opening of a great community facility.
“At Peet, we understand the importance of having the early provision of places and space for the community to meet and interact. This community building will provide an interim facility enabling the community to develop and form within their own suburb,” said Mr Gore.
“And the Lakelands Community House project is a great demonstration of what can be achieved through public and private partnerships.”
The Lakelands Community House is already the new home for the Lakelands Sales and Information Office and will also host future meetings of the Lakelands community groups. It will also be available for use by other local community groups, and will form a hub for Lakelands and the surrounding neighbourhood.
City of Mandurah Mayor Paddi Creevey said the Community House will provide a place for residents to meet, socialise, make new friends and gather information on services and activities available in the local area. She thanked the staff from both the Council and Peet Limited for all their work in finalising this project.
“Already people in the community are coming up with their own ideas about what they can use the House for and getting together to form groups which is tremendous to see,” Mayor Creevey said.
Monday, August 4, 2008
New release offers chance to join Carramar community
An exciting new land release will see 11 new homesites become available at Peet Limited's popular Carramar Golf Course Estate next Saturday (9 August).
Ideally located in the Delamare Park precinct of the estate, the lots will put buyers in easy reach of the shopping, entertainment and community facilities planned for the future district centre.
They will also be just a short stroll from the beautiful Delamare Park which offers 2.8 hectares of natural woodland, beautifully landscaped parkland and modern recreational facilities including a dual-use tennis and basketball court and playground designed to cater for all ages from toddlers through to teenagers.
The Stage 14 homesites – which range in size from 585sqm to 782sqm and priced between $205,000 and $229,000 – are amongst the most affordable in the local area, providing great value for homebuyers. The 11 lots will be released at 9am, on a first come, first served basis at the Sales Office off Joondalup Drive in Tapping.
Peet Limited Managing Director, Brendan Gore, said Carramar Golf Course Estate has established itself as one of the most popular residential developments in Perth's northern corridor.
"More than 90% of the homesites at Carramar have sold since the first release in 1995," said Mr Gore. "In that time, some 2,500 households have moved into the estate and a very strong community has been established with many residents becoming second and third time buyers," Mr Gore said.
"This latest release provides a great opportunity for homebuyers to enjoy the great family lifestyle on offer in the Delamare Park precinct."
An added benefit for all purchasers is Peet's Flying Start package – which at Carramar Golf Course Estate includes a level block with retaining walls where required, side and rear fencing (in the Delamare Park precinct) and front garden landscaping – making it easier and more affordable to build and establish their new home
The estate is conveniently located between Currambine and Joondalup train stations, and only minutes from the ocean.
A new community centre, three primary schools and a secondary school are located within the estate. Construction of the $20 million Carramar Village shopping centre is currently underway and when it opens in early 2009 will be open to a major supermarket and up to 16 specialty stores.
Bordered by a picturesque golf course, Neerabup National Park and Joondalup Lakes, the estate has won a prestigious Urban Development Institute of Australia (UDIA) planning award as well as an environmental award from the City of Wanneroo.
Ideally located in the Delamare Park precinct of the estate, the lots will put buyers in easy reach of the shopping, entertainment and community facilities planned for the future district centre.
They will also be just a short stroll from the beautiful Delamare Park which offers 2.8 hectares of natural woodland, beautifully landscaped parkland and modern recreational facilities including a dual-use tennis and basketball court and playground designed to cater for all ages from toddlers through to teenagers.
The Stage 14 homesites – which range in size from 585sqm to 782sqm and priced between $205,000 and $229,000 – are amongst the most affordable in the local area, providing great value for homebuyers. The 11 lots will be released at 9am, on a first come, first served basis at the Sales Office off Joondalup Drive in Tapping.
Peet Limited Managing Director, Brendan Gore, said Carramar Golf Course Estate has established itself as one of the most popular residential developments in Perth's northern corridor.
"More than 90% of the homesites at Carramar have sold since the first release in 1995," said Mr Gore. "In that time, some 2,500 households have moved into the estate and a very strong community has been established with many residents becoming second and third time buyers," Mr Gore said.
"This latest release provides a great opportunity for homebuyers to enjoy the great family lifestyle on offer in the Delamare Park precinct."
An added benefit for all purchasers is Peet's Flying Start package – which at Carramar Golf Course Estate includes a level block with retaining walls where required, side and rear fencing (in the Delamare Park precinct) and front garden landscaping – making it easier and more affordable to build and establish their new home
The estate is conveniently located between Currambine and Joondalup train stations, and only minutes from the ocean.
A new community centre, three primary schools and a secondary school are located within the estate. Construction of the $20 million Carramar Village shopping centre is currently underway and when it opens in early 2009 will be open to a major supermarket and up to 16 specialty stores.
Bordered by a picturesque golf course, Neerabup National Park and Joondalup Lakes, the estate has won a prestigious Urban Development Institute of Australia (UDIA) planning award as well as an environmental award from the City of Wanneroo.
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