Housing developer walks away from 1,900
AVID Property Group has withdrawn from a 1,900-home development project in Adelaide, Australia, leaving the project to be managed by the state government. Officials have assured current contract holders that their agreements will be honored while a new partner is sought.
Why it matters
The failure of large-scale housing developments impacts local infrastructure and exacerbates housing supply issues in growing urban areas.
The Eyre housing development in Adelaide's north involves plans for about 1,900 homes. ( YouTube: Eyre Penfield )
Renewal SA says AVID Property Group has ended its involvement with a 1,900-home project in Adelaide's north.
The development is now in the hands of the SA government, which says other developers have expressed interest in the project.
Housing Minister Michael Brown says several hundred outstanding contracts will be honoured, and the government is now looking for a new commercial partner.
Link copied Share Share article "Hundreds" of homebuyers will not be left in limbo despite a major developer saying it is walking away from a new estate in Adelaide's north, the state's housing minister has insisted.
The Eyre development near Penfield, between Edinburgh and Andrews Farm, was announced in 2010, and includes plans for 1,900 homes on a 120-hectare site.
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