Devine Buys Residential Development Site in Pakenham |
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Written by Administrator
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Tuesday, 04 December 2007 |
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Queensland-based residential property group Devine has paid $20.7 million for a 43.65 hectare development site in Melbourne’s outer south-eastern suburb of Pakenham.
The Henry Street site sits beside an existing road and railway, meaning Devine would need to spend little on infrastructure which would incorporate any new development, into the wider Pakenham township.
Devine will pay for the land in stages over the next two years. Construction of a new 3500-unit housing estate, which would include a community park and neighbourhood centre, is expected to start in March 2009.
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