This article is from the Australian Property Journal archive
DEVINE has snared a 30 hectare land parcel in Meadows in the Adelaide Hills.
The Meadows acquisition is Devine’s second in South Australia recently, following the purchase of 52.56 hectares in Andrews Farm for $46.02 million in December 2007.
The Meadows project, once approved and fully developed, will have an estimated end value of $30 million.
Devine’s general manager of South Australia Steve Weightman said approximately 80% of the site will be developed for residential housing, with the remaining land set aside for future retail or medium density residential use.
Devine’s managing director David Devine said the site was well positioned to take advantage of the current buoyant conditions in the Adelaide Hills region, following the re-emergence of significant mining activity in nearby Kanmantoo and Strathalbyn.
“The combination of tight land supply, population growth and a booming local mining industry have resulted in strong demand for quality land and housing product in South Australia,” Devine added. “We will continue to focus our expansion activities in this region and plan to launch our first land release at the Meadows site in mid-2008,”
“The new estate will offer future residents large blocks of land, as well as landscaped entry treatments and reserves and environmental benefits such as stormwater recycling and sewerage treatment plants.
“All homes will be developed to meet a five star energy rating and will include solar hot water systems,” Weightman said.
He added that the Adelaide Hills offered home buyers a ‘tree change’ lifestyle, whilst still enjoying easy access to the Adelaide CBD and surrounding amenities.
Land prices are expected to start from $150,000 for an 800 sqm lot.
Devine said following this, the company plans to launch the first stage of a new 200-lot masterplanned community in nearby Mount Barker.
Devine currently has a national pipeline of land developments with an end value exceeding $3 billion and is on track to achieve its target forecast land bank of 10,000 blocks nationally by mid 2010.
Australian Property Journal
