Devine Pays $19 Million For Pakenham Residential Development Site

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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Marc Pallisco

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

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