Thursday 27 April 2006

Publicly-listed developer Devine Ltd has entered into an agreement with Urban Pacific Limited (UPL) to purchase 165 lots at its 'Moorookyle Estate' at Tarneit.

The deal - understood to be valued at almost $15-Million - involves two stages at the 62-hectare site, which is 28 kilometres south-west of the Melbourne CBD.

UPL is the land development arm of Macquarie Bank. It has received development approval from Wyndham City Council for the Devine stages at the south-east corner of the estate, at the intersection of Sayers and Davis Roads.

'Moorookyle Estate' is close to schools and Werribee Plaza Shopping Centre. It will feature sculptured landscaping, promenades of trees, abundant parklands, open spaces, and walking and cycling tracks.

The residents-only country club will have tennis courts, a 25-metre swimming pool, gymnasium, function room, cafe, barbecue and picnic facilities. Construction of this, and a village with 15 to 20 display homes, is scheduled to start next month.

The Devine home sites are likely to range in size from 325sqm. to 690sqm., on which Devine will offer a choice of more than 30 styles of three and four-bedroom homes.

While no firm prices are in place, the land is expected to be offered for between $105,000 and $140,000, with Devine house-and-land packages starting from $269,000, including landscaping.

The Devine stages will be designed to harmonise with the existing natural environment of 'Moorookyle Estate' and offer purchasers affordable options and a quality lifestyle.

UPL - a wholly owned subsidiary of Macquarie Bank Ltd - will be offering a variety of larger lots. It has created some of Australia's best residential award-winning communities, including its flagship 'Springthorpe' development in Melbourne.

The company's presence is quickly strengthening in WA, SA and the eastern states. Starting less than two years ago with a single major development in Victoria - 'Springthorpe' - it is now involved in three of the State's active projects including 'Moorookyle', and has several others in the pipeline.

UPL's CEO, Stephen Papadopoulos, said the company was developing a strategy in which it will selectively acquire only the best sites to drive market performance.

Devine is also growing rapidly, and has around $2-billion worth of projects underway nationally. In Victoria it is involved in nine housing estates, as well as the $338-Million 'Victoria Point Docklands' complex, which comprises 447 residential units, a nine-level commercial building and 105 serviced apartments.

Just last week Devine announced plans to develop a $200-Million residential estate at Deer Park, in Melbourne's western suburbs.

"Our core business strategy will remain as a developer of residential estates for first and second home buyers," said Managing Director David Devine, who founded the company in 1981. "We are evaluating further acquisitions of residential development sites in Melbourne suburbs which have the potential for sub-division into large estates.

"We are planning for growth in our residential estates divisions, and anticipate having more than 5,000 lots under development control over the coming three years."

Released by: Devine Victoria, 85 Coventry St, South Melbourne, Victoria 3205
Contacts: Sean Lefoe, Regional Manager - Melbourne, Ph: 0438 739 611
Paul Nash, National GM Housing & Land, on 0439 730 424
Luke Hartman, National Acquisitions Manager, on (07) 3380 2488, 0437 633 775
David Devine, Managing Director, on (07) 3233 1402

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