Tuesday 18 July 2006

Devine buys a further six hectares adjoining its Andrews Farm estate

Devine has purchased six hectares of land adjoining its successful 'Lakeside' community on Davoren Road at Andrews Farm to bring the estate to 201 lots and an end value of more than $50-Million.

Andrews Farm is 28 kilometres north of the Adelaide CBD, close to the high employment centres of Elizabeth and Playford which contribute around 70% of the State's manufacturing.

'Lakeside' currently comprises 108 residential lots, which is being offered in three stages. Devine's South Australian Regional Manager Steve Weightman said the strong demand for the early stages had prompted the company to expand its land holdings.

The first 42-lot stage is sold and settlements have occurred, with homes from five of Adelaide's top display builders under construction. Stage two - 36 lots - is nearly half sold, with Devine home-and-land packages ranging from $194,900 to $302,000.

The final 30-lot stage at 'Lakeside's' original precinct is scheduled for release next month.

Brock Urban Projects has been appointed to manage land sales at 'Lakeside', with blocks priced between $83,000 and $98,000. It can then offer purchasers a vast choice of packaged homes from different builders.

Mr Weightman said Devine was finalising conceptual work on a development subdivision plan of mixed lot sizes for the second precinct of 93 lots and parkland, which would integrate with the existing estate. He expects a Development Approval by October.

"'Lakeside' has been extremely popular with young first and second home buyers," said Mr Weightman. "It is a convenient, well serviced area with at least 10 primary and secondary schools nearby, while Adelaide's CBD is easily accessed by road and train services."

The Government has announced plans to further transform the region, which is known as 'The Peachy Belt'. Premier Mike Rann has proclaimed that new schools, shopping centres, medical and healthcare facilities, infrastructure and 4,000 homes will be built in the area over the next 15 years.

Devine has started building three display homes at 'Lakeside' which, as its name suggests, is near a picturesque lake, reserves and walking trails.

National Manager of Devine's housing-and-land division, Paul Nash, said the Adelaide property market was continuing its steady growth, and his company would continue to invest in well located residential development sites in Adelaide.

This year alone, Devine has secured residential subdivision sites in South Australia, Queensland and Victoria that will generate work worth more than $1-Billion.

'Lakeside', on Davoren Road at Andrews Farm, is open for inspection on weekends, from 2pm to 5pm, with details on 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
Paul Nash, National GM Housing & Land, on 0439 730 424

Prepared by: Barry Hyland, PR Plus, Level 1, 272 Pacific Highway, Crows Nest 2065;
Ph: (02) 9439 9191, (0412) 354 992; Email: pluspr@ozemail.com.au