This article is from the Australian Property Journal archive
Devine has bought 165 residential lots at Urban Pacific’s Moorookyle Estate in Tarneit, 28 kilometres south-west of the Melbourne CBD, for $15 million.
UPL is Macquarie Bank’s residential development arm and has developed a number of subdivisions in Melbourne’s western suburbs including a Medallion component to the Sanctuary Lakes estate in Point Cook and its flagship Springthorpe development.
Devine will develop the 62-hectare site in two lots after receiving development approval from Wyndham City Council to develop the south-east corner of the estate, at the intersection of Sayers and Davis Roads.
Moorookyle Estate is close to schools and Werribee Plaza Shopping Centre.
The residents-only country club will have tennis courts, a 25-metre swimming pool, gymnasium, function room, cafe, barbecue and picnic facilities. Construction of this, and a village with 15 to 20 display homes, is scheduled to start next month.
The Devine home sites are likely to range in size from 325 sqm to 690 sqm, on which Devine will offer a choice of more than 30 styles of three and four-bedroom homes.
While no firm prices are in place, the land is expected to be offered for between $105,000 and $140,000, with Devine house-and-land packages starting from $269,000, including landscaping.
UPL’s chief executive Stephen Papadopoulos said the company was developing a strategy in which it will selectively acquire only the best sites to drive market performance.
Devine is also growing rapidly, and has around $2-billion worth of projects underway nationally.
In Victoria it is involved in nine housing estates, as well as the $338-Million Victoria Point Docklands complex, which comprises 447 apartments, and a nine-level commercial building and 105 serviced apartments.
Last week Devine announced plans to develop a $200 million residential estate at Deer Park, in Melbourne’s western suburbs.
“Our core business strategy will remain as a developer of residential estates for first and second home buyers,” Devine managing director David Devine said.
“We are evaluating further acquisitions of residential development sites in Melbourne suburbs which have the potential for sub-division into large estates.
“We are planning for growth in our residential estates divisions, and anticipate having more than 5,000 lots under development control over the coming three years,” he added.
By Kathryn O’Meara
