Friday 13 January 2006

'Lakeside' to be released at Andrews Farm

Site works are nearing completion at the latest addition to Devine's expanding residential portfolio - the $25 million 'Lakeside' lifestyle estate on eight-hectares at Andrews Farm in Adelaide's northern suburbs.

To be released on Boxing Day, 'Lakeside' will offer its residents a mix of three and four-bedroom fully landscaped family homes, with the convenience of community facilities and lakes, parks, reserves and walking trails at their doorsteps.

Located on Davoren Road, 'Lakeside' comprises 107 residential lots and will be released in three stages. Stage One has 42 lots, ranging in size from around 375m² to 595m². Home-and-land packages at the estate will start at $219,000.

The versatile homes at 'Lakeside' will have functional layouts to maximise the amount of useable space, rooms with an airy, open feel, and easy-care front and rear yards. Like all of Devine's designs, careful consideration has been given to living spaces, window placements and storage facilities.

'Lakeside' will be in keeping with the social fabric of the burgeoning area, which is 28 kilometres from the CBD yet close to the high employment centre of Elizabeth and Playford, which contributes around 70% of the State's manufacturing. Shops, schools, a TAFE, the University of SA and public transport are nearby.

"I expect 'Lakeside' will primarily attract young first and second home buyers as its convenient, well-serviced location ensures a secure, long-term investment," said Devine's South Australian Manager, Steve Weightman. "There are six parks and at least 10 primary and secondary schools nearby, while Adelaide's CBD is easily accessed by fast road and commuter train services."

Andrews Farm recorded a 9% rise in property values for the year to June 2005, while the Real Estate Institute of South Australia said vacancy rates for rental properties in the area are now below 2%.

Andrews Farm is Devine's second foray into full development in South Australia, where it is known only as a contract house builder, having taken over Pioneer Homes eight years ago. Each year Devine builds around 300 houses in Adelaide, but the expansion is part of its vision to grow into Australia's most diverse development company.

"We are looking for more opportunities like 'Lakeside' in South Australia to build our reputation, not only as contract builders, but as project initiators like we are in Queensland and Victoria," said Devine's National Manager of Housing-and-Land, Paul Nash. "In pursuit of these goals, we have strengthened our management team in South Australia and continue to widen our scope of activities."

Mr Nash says he has great faith in the growth of the Adelaide property market, which he believes is under valued, and his company will continue to source well located development sites.

Devine is currently recognised as the seventh largest builder in Australia, with a $1.5 billion collection of projects underway in Queensland, Victoria and South Australia.

'Lakeside' will open for inspection from 10am to 5pm Daily (From December 26). For more information, visit Devine's comprehensive website at www.devine.com.au.

Released by: Devine South Australia, Ground floor, 212 Pirie Street, Adelaide 5001
Contacts: Steve Weightman, SA Regional Manager, (08) 8306 5678, 0411 866 443

Prepared by: Barry Hyland of PR Plus, Level 1, 272 Pacific Hwy, Crows Nest 2065 on Ph: (02) 9439 9191, Fax: (02) 9439 9190. pluspr@ozemail.com.au