Peet has acquired approximately 15 hectares of land from the university for an estimated $67 million, to be paid in instalments over seven years from 2022.

The acquisition is subject to the ACT government granting a crown lease.

The agreement is a restructure of an existing joint development deal between the University of Canberra and Peet Limited that was confirmed in 2016.

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The initial deal was to build 3300 new residences over two decades, starting in 2017. To date, none of the residences have been built on the vacant land that runs along Aikman Drive.

Under the restructured deal, Peet could also acquire an additional 6.2 hectares of land from the university as part of an option agreement that can be exercised between January 1, 2027 and December 21, 2030.

Peet Limited managing director and CEO Brendan Gore said the new deal gives the developer 100 per cent control of the project.

"The [15-hectare land] has the potential to deliver more than 1600 residences through a mix of townhouses and apartments and more than 1000 townhouses and apartments across the option land," he said.

University of Canberra vice-chancellor Professor Paddy Nixon said the agreement will help to progress the campus' master plan.

"As custodians of the university's land endowment, this next step also realises the capacity of the university to plan for the long-term investments we need to make in our campus, teaching and research," he said.

"The proposed development better connects the university with the town centre enabling a more natural connection between the university core, Lake Ginninderra and the Belconnen town centre."

The University of Canberra's 20-year master plan was released in March 2021 outlining a vision to integrate the campus with neighbouring districts.

The plan includes more than $5 billion of property investment and a 60,000 square metre increase in core university facilities.

Peet's 15-hectare residential development is expected to be delivered over 15 years starting in the 2023 financial year and has an estimated gross sales value of more than $1 billion.

The optional land would be delivered over five years if acquired.

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