New David Devine Enterprise, Metro, Makes Major Melbourne Development Site Purchase

Biggin Scott Land director Frank Nagle marketed the Doreen land, but declined to comment on a deal when contacted by Capital Gain. A Metro representative confirmed the purchase.

The parcel was marketed with a permit and ready to be developed.

By choosing Doreen, Mr Devine and Metro is pitching itself against some of Australia’s biggest residential developers – including Devine Limited which once controlled a 43 hectare site in Doreen.

Delfin Lend Lease and Stockland, from Sydney, and Perth-based Satterley Group are other major interstate-based developers in Doreen, which abuts South Morang, Nutfield, Arthurs Creek and Yan Yean.

Metro’s Melbourne presence was boosted last October when it merged with another new company, Hartman Corporation, headed by ex-Devine national general manager – Luke Hartman.

Mr Hartman is now chief executive officer of Metro, and operates from a St Kilda Road office. Mr Devine, as executive chairman, will be based at Metro’s headquarters in Brisbane.

With a development pipeline predominantly including inner-city Brisbane apartment blocks, and suburban Melbourne residential development sites, Metro has set itself an annual goal to sell 800 flats, 1000 blocks of land and 500 homes, via a new business association with Creation Homes.

 

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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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