This article is from the Australian Property Journal archive
Devine has bought six hectares of land adjoining its Lakeside community development on Davoren Road at Andrews Farm.
Andrews Farm is 28 kilometres north of the Adelaide CBD.
Devine’s Lakeside community currently comprises 108 residential lots, which is being offered in three stages.
The first 42-lot stage has been sold and settlements have occurred, while stage two which comprises 36 lots is nearly half sold.
The final 30-lot stage at Lakeside original precinct is scheduled for release next month.
The latest purchase at Andrews Farm will bring the estate to 201 lots with an end value of more than $50 million.
Devine’s South Australian regional manager Steve Weightman said the strong demand for the early stages had prompted the company to expand its land holdings.
Weightman said Devine was finalising conceptual work on a development subdivision plan of mixed lot sizes for the second precinct of 93 lots and parkland, which would integrate with the existing estate.
He expects a Development Approval by October.
“Lakeside has been extremely popular with young first and second home buyers.
“It is a convenient, well serviced area with at least 10 primary and secondary schools nearby, while Adelaide’s CBD is easily accessed by road and train services.” he added.
Devine’s national manager of housing and land Paul Nash said the Adelaide property market was continuing its steady growth and the group would continue to invest in well located residential development sites in Adelaide.
“This year alone, Devine has secured residential subdivision sites in South Australia, Queensland and Victoria that will generate work worth more than $1 billion,” Nash said.
By Kathryn O’Meara
