This article is from the Australian Property Journal archive
DEVINE has bought a development site in Brisbane’s western growth corridor, directly adjacent to the company’s $500 million Mountview master planned community at Redbank Plains.
The site covers a total of 123.6 hectares and is located 28km west of the Brisbane CBD and 9km from the Ipswich CBD. Devine’s preliminary development plans for the site will incorporate 1,069 lots, 40.13ha of open space and a neighbourhood shopping centre.
The highly sought after site was offered for sale by competitive tender. The acquisition price is subject to confidentiality agreements.
The acquisition will increase Devine’s Queensland 1,000 lots to 6,200 and in excess of 13,000 dwellings nationally.
CEO David Keir said the acquisition provided Devine with a continuing presence in one of Australia’s fastest growing residential corridors for at least the next seven years.
The new site, combined with the currently trading Mountview project, increases Devine’s total yield from the corridor to in excess of 2,300 lots with an estimated end value of approximately $900 million.
Devine’s Queensland general manager Andrew Brimblecombe said the company intends to build on the success of the Mountview project, which has met with strong demand since it was first launched in 2009.
Australian Property Journal
