Devine Limited Buys Residential Development Site in Tarneit

The land forms part of the Moorookyle Estate, which has been developed over recent years and marketed to “house and land” home buyers. It acquired the land from Urban Pacific, a wholly owned subsidiary of Macquarie Bank.

In 2005, Devine paid $12.7 million for two nearby chunks of the Moorookyle estate which it has been developing.

Devine managing director David Devine said the most recent purchase allows the developer to fast track expansion plans within Melbourne’s residential market. “We are well on track to achieve our target of building a national land bank of more than 10,000 blocks by 2010,” said Mr Devine.

In May, Devine purchased a 42 hectare development site in the southern suburb of Cranbourne for $22.4 million. It is also developing a hotel on a site it recently acquired for $18 million at 131 – 135 Bourke Street.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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