This article is from the Australian Property Journal archive
DEVINE has bought a new 870-lot development site at Wallan in Melbourne’s north.
Devine did not disclose the price paid. Managing director David Keir said the site at Wallan would expand Devine’s market reach into Melbourne’s growth corridor.
“As a company we are focused on realising our growth strategy and see Melbourne’s northern growth corridor as a major opportunity to leverage our existing skills and resources to be part of an exciting and developing region,” he added.
Located approximately 48km from Melbourne’s CBD on Wallan-Whittlesea Rd, the site is expected to yield 870 lots with an end value of approximately $305 million.
The site, which is already zoned for residential development, comprises two parcels of land covering approximately 88ha.
The project is forecast to contribute to FY13 earnings and is expected to be launched to the market in the second half of FY12.
This is the fourth new site Devine has acquired in Victoria in the last six months and will increase its landbank by more than 23% to 4,450 equivalent lots when fully developed with an end value of $1.4 billion.
The other sites are in Bacchus Marsh and Kurunjang, near Melton; and at Pakenham, south east of the Melbourne CBD.
Australian Property Journal
