Devine Pays $19 Million For Pakenham Residential Development Site |
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Written by Marc Pallisco
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Tuesday, 08 April 2008 |
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Queensland-based developer Devine Limited continues to diversify its residential development site portfolio, picking up a 22 hectare estate in Pakenham, in Melbourne's outer south eastern suburbs.
Devine, which is at the moment selling a 43 hectare residential development site in Doreen in the north-east, will pay $19 million for the Fallingwater Estate in Pakenham. The site was sold by private investors The Gillon Group.
Devine will immediately start selling lots in the estate, which has a total project value of more than $120 million.
In December last year, Devine purchased a 43.5 hectare parcel on Henry Road Pakenham for $20.7 million.
Last week it was reported that Queensland-based developer Baycrown purchased a development site off Central Equity for more than $24 million.
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