Devine Buys 30 Hectares of Land in Meadows, South Australia

The project, once approved and fully developed, will have an estimated end value of $30 million.

The Meadows acquisition is Devine’s second in South Australia in as many months and follows the purchase of 52.56 hectares in Andrews Farm for $46.02
million in December 2007.

Devine’s founder and Managing Director David Devine said the Meadows site was well positioned to take advantage of the current buoyant conditions in the
Adelaide Hills region, following the re-emergence of significant mining activity in nearby Kanmantoo and Strathalbyn.

“The combination of tight land supply, population growth and a booming local mining industry have resulted in strong demand for quality land and housing
product in South Australia,” he said.

“We will continue to focus our expansion activities in this region and plan to launch our first land release at the Meadows site in mid-2008.

“Following this, we plan to launch the first stage of a new 200-lot masterplanned community in nearby Mount Barker.”

Mr Devine said the company was on track to achieve its target forecast land bank of 10,000 blocks nationally by mid 2010.

Devine General Manager South Australia, Steve Weightman, said approximately 80 per cent of the site will be developed for residential housing, with the
remaining land set aside for future retail or medium density residential use.

“Devine’s expertise in creating new communities stems from clever urban planning and design, from the overall estate to each individual lot,” he said.
“By planning for the future and integrating local services and amenities within our estates, we are creating communities that will stand the test of time.

“The new estate will offer future residents large blocks of land, as well as landscaped entry treatments and reserves and environmental benefits such as
stormwater recycling and sewerage treatment plants. "These green initiatives will eliminate dependency on the River Murray, while providing residents to access recycled water for irrigation purposes.”

All homes will be developed to meet a five star energy rating and will include solar hot water systems.

Mr Weightman said the Adelaide Hills offered home buyers a ‘tree change’ lifestyle, while still enjoying easy access to the Adelaide CBD and surrounding
amenities.

“The Meadows land parcel is centrally located in the heart of the township, with north-facing views over the surrounding valley to Echunga,” he said.
“It is also conveniently located close to the 5,000 hectare Kuitpo Forest, the McLaren Vale wine region and the surf beaches, boating and wine regions of the Fleurieu Peninsula south coast.

“Access to these amenities and the Adelaide CBD are made easy by well established local transport infrastructure and easy access to the South Eastern
Freeway.”

Mr Weightman said the Meadows site would undergo extensive urban planning and design to offer home buyers a complete lifestyle package, including large
land lots, quality designer homes and landscaped streetscapes and parklands.

Land prices are expected to start from $150,000 for an 800 square metre lot. Devine has a current national pipeline of land developments and projects which, when completed and sold, will have an end value exceeding $3 billion.

On 29 August 2007 Devine announced an after tax profit of $21.367 million for the 2006-07 year, 13.2 per cent up on the previous year’s result.

The company’s December 2007 half-year results are expected to be in the range of 15 to 20 per cent above the $6.987 million profit after tax result recorded for the same period in 2006.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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