This article is from the Australian Property Journal archive
RESIDENTIAL developer Devine has sold its remaining Brisbane CBD development site to a private client of Cornerstone Properties.
Known as the Camelot site, the 2,007 sqm property at 30 Albert St, was the only remaining site of the company’s former French Quarter master planned precinct.
Devine decline to disclose the price.
Devine’s CEO David Keir said the sale of this site had been contemplated for some time and was previously under option to an external party for the development of a commercial building.
“This is an attractive development site with great potential, however it is not part of our current strategy of deploying capital towards projects with shorter-term return horizons,” he added.
The sale of the Camelot site, as well as other assets identified for sale is part of the recently announced capital management strategy.
In October, parent company Leighton Holdings agreed to guarantee Devine’s debt facility with ANZ Bank as the developer forecast a loss before tax result of $15 million for first half year of 2014.
Property Review
