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.