Tuesday 11 April 2006
$48-Million housing estate for Redbank Plains
Following the success of its Collingwood Park residential
development 'The Parks', leading home-and-land developer Devine Ltd
has purchased another major site in the greater western corridor of
South-East Queensland.
The 12-hectare site is on the corner of Penrose Circuit and
Walden Street, Redbank Plains, 26 kilometres south-west of the
Brisbane GPO and nine kilometres east of the Ipswich GPO.
Devine acquired the prime property through tender for
$4.384-Million with DA approval for 137 lots - a price regarded by
industry analysts as 'highly competitive'. The site had originally
been purchased pre-DA in May 2004 for $6.85-Million by the
syndicate Co-Develop Redbank Plains Pty Ltd.
Paul Nash, Devine's National Manager of Housing-and-Land,
explains:
"This has been a well negotiated purchase by our professional
Acquisition team lead by Luke Hartman, underlining Devine's
controlled path of sensible acquisition and expansion. Our Devine
Limited national development portfolio is growing strategically
towards $2-billion in anticipated completed end value."
In February Devine gained masterplanning development approval
for a $460-Million eco-resort on 148-ha at Currumbin, and insiders
say the company is negotiating several more strategic site
acquisitions, ensuring a diversity of on-going work.
"Redbank Plains is in a key growth corridor for business, with
major employers Ipswich Aerospace Industry and Swanbank Paper Plant
nearby. This is helping to drive demand for residential
accommodation," said Luke Hartman, National Acquisition Manager for
Devine.
Redbank Plaza is just minutes from the Devine site, and the
massive Orion Town Shopping Centre is being built 5.5km to the
east. There are good schooling options, including the Springfield
campus of the University of Southern Queensland.
"Our development will be aimed at first and second home buyers
in an area that is perfectly suited for families," said Mr Hartman.
"Incorporated in the master planning are expansive central parkland
areas adding further to the attractive family amenity."
Future stages are likely to be reconfigured, with Devine
planning to seek council approval to increase the number of lots to
around 170. This will give the integrated housing estate an end
value approaching $48-Million.
"We anticipate a stage one release of 40 lots to the market in
this Redbank Plains estate by July," said Mr Hartman. "Average lot
size in the first release will be approximately 600sqm, providing
plenty of space for a variety of home designs. Our architects are
preparing a new range of homes, with modern finishes and
architectural styles, which will allow us to provide home and land packages from
$260,000 fully landscaped."
Devine has a proven track record in the western corridor, having
recently sold out its nearby 180 lot 'Collingwood Park' estate in
less than 18 months.
"Devine is a committed supporter of the Queensland Governments'
western Brisbane growth strategy," said Mr Nash. "Improving
infrastructure - including transport links, major employment
opportunities, and localised services and amenities - are combing
with affordable land to provide very desirable home buyer
opportunities.
"Indicative of buyer demand we have seen total new home
construction approvals more than double since 2002 in Ipswich
Council. There is a continuing pent-up demand for new homes within
family affordable price points, and Devine is focused on providing
community estates which people want to call home to meet this value
for money market demand," said Mr Nash.
Released by: Devine, 3 Westmoreland Blvd, Springwood, Queensland
4127
Contacts: Luke Hartman, National Acquisitions Manager, on (07)
3380 2488, 0437 633 775
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