This article is from the Australian Property Journal archive
DEVINE has increased its land bank in Queensland by signing a land access agreement for a $90 million project north of Brisbane.
The project at Burpengary, comprises 244 residential lots and is already significantly advanced with works to commence immediately on the site.
First sales at the project are expected to completed in the current financial year and contribute to Devine’s FY11 earnings.
This is the second major project Devine has announced this financial year after signing a joint venture agreement with Ballarat-based developer The Gull Group to undertake a 1,500-lot development at Bacchus Marsh, north west of Melbourne.
The Burpengary and Bacchus Marsh projects, as well as a new community in South Australia, has increased Devine’s national development pipeline by more than 2,700 lots, to 11,500 dwellings.
Devine managing director David Keir said the structure of the land access agreement with the site owner would provide the company with capital efficient access to project earnings in the short term.
The 29.3ha site at Burpengary has full Development Approval for 244 residential lots and a 3,000 sqm childcare centre. The new community, to be called Woodvale, is located approximately 35km north of Brisbane and 8km south of Caboolture in the prized northern growth corridor.
Australian Property Journal
