This article is from the Australian Property Journal archive
QUEENSLAND based developer Devine has expanded its Eden Brook estate in Pakenham, south east of the Melbourne CBD, with the acquisition of a 52.9ha site.
The site, which is located on Henry Road, Pakenham, was acquired from Vic Roads and will be developed under a joint venture agreement with one of Devine’s existing Victorian partners.
The new site will increase the number of lots at Pakenham by 517 and is expected to boost total sales revenue from the Eden Brook project, which currently has 600 lots, by approximately $100 million.
The site is Urban Growth Zoned and has an approved Precinct Structure Plan. Construction can commence during 2011 with first settlements in 2012 and provide Devine with earnings through to the 2015 financial year. The land includes two designated school sites and district parks.
Devine Victoria general manager Neil Anderson said the acquisition reinforces Devine’s commitment to the Victorian market and follows the signing in September of 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.
“At Eden Brook we have focussed in delivering quality homesites in an attractive community. Eden Brook’s sales success has also been underpinned by the continued strong growth in the south eastern corridor,” he added.
Devine Limited managing director David Keir said the site would provide Devine with a significant increase in its Victorian and national land holdings and is located in a growth corridor in which Devine has extensive experience and knowledge.
“The structure of our joint venture and the staged timing of payments for the site ensure the financing model for the transaction is an efficient use of the company’s capital while providing short term earnings,” Keir concluded.
Australian Property Journal
