Thursday 6 September 2007

Listed diversified property group Devine Limited (ASX: DVN) has acquired a 12 hectare site at Bellmere, a suburb of Caboolture in Queensland's south east, for $9.25 million.

Located on Bellmere Road, the undeveloped site is close to Devine's existing estates at Burpengary and Morayfield, 43 kilometres north of the Brisbane CBD.

The land has existing Development Approval for 137 lots, ranging in size from 450 square metres to 1,000 square metres.

The land is earmarked for a $50 million residential development.

Devine founder and Managing Director David Devine said the purchase further boosts the company's expansion in south east Queensland and strengthened its stock levels in the high-growth Brisbane to Sunshine Coast corridor.

"Devine's housing estate in Morayfield, The Pines, has sold out and our Wattle Park estate in Burpengary has only two house and land packages remaining," Mr Devine said.

"Like these nearby suburbs, Bellmere is experiencing strong population growth and there is high demand for quality residential stock.

"The population in this area of Caboolture is increasing by 3.1 per cent each year, or around 3,600 new residents. Our research shows that four out of five households in the area are family groups.

"The land is also extremely well positioned in terms of existing infrastructure.

"Nestled between Brisbane and the Sunshine Coast, Bellmere is well serviced by road and rail infrastructure, including the Caboolture Railway Station which provides frequent services to the Brisbane CBD and Nambour."

The acquisition of the site was negotiated by Mark Creevey and Jonathon Jones of Ray White Special Projects.

Land prices in Devine's Bellmere development will range from $160,000 to $190,000, with house and land packages from $330,000 to $395,000.

During 2006-07 Devine increased its national land bank by 51 per cent to total 4,580 lots as at 30 June 2007.

Mr Devine said the company is on track to achieve its target of building a national land bank of more than 10,000 blocks, under the brand Devine Communities, by mid 2010.

Devine Queensland State Acquisition Manager Jason Northwood said the Bellmere site purchase is in line with Devine's strategy of securing new opportunities in high growth areas close to established infrastructure.

He said the acquisition also represents a further strategic expansion of Devine's presence north of Brisbane.

On 29 August 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.

Devine has been acquisitive along Australia's eastern seaboard and today also announced the acquisition of a 25 hectare residential housing site at Holmview near Beenleigh, south of Brisbane, for $20 million.

On 31 August 2007 the company announced the purchase of a 62-hectare prime subdivision site at Tarneit, south west of Melbourne for $36.85 million.

Released by: Devine, 3 Westmoreland Blvd, Springwood, Queensland 4127
Contacts: David Devine, Managing Director, Devine Limited on (07) 3233 1402
Kathy Mac Dermott, Rowland on (07) 3229 4499 or 0448 844 508