Friday 5 May 2006
Logan City Council has approved Devine's plans for an
$18-Million residential estate at 311-329 Chambers Flat Road,
Crestmead.
The 4.25-hectare estate, 24km from the Brisbane CBD, will be
called 'Parkside'. It will comprise 57 lots, ranging in size from
360sqm to 1,009sqm, with house and land packages to
start from around $284,900.
"Crestmead is a suburb in great demand, particularly among young
families, and it has grown by 20% since 2003," said Paul Nash,
Devine's national manager of Housing-and-Land. "'Parkside' will
help meet some of this pent-up demand through integrated housing
aimed at first and second home buyers."
Research shows that four out of every five households in
Crestmead have children, and that one-third of the population is
under 15 years old.
"There are 25 primary schools and 10 high schools in the area, a
vast array of parkland and even a pony club," said Mr Nash.
"'Parkside' will have tree-lined streets and be an ideal place
in which to raise children."
Devine paid $2.8-Million for the site last November and has a
proven track record in this part of the South East Corridor, with
its neighbouring developments of 'Logan Reserve' at Waterford West
and 'Boronia Heights' selling strongly.
Bordered by major roads, the area offers easy access to the
Brisbane CBD and the Gold Coast by road, rail and bus, while Logan
City has significant employment opportunities with more than 7,000
businesses.
"There is strong demand for new homes which provide
value-for-money, and Devine is focused on continuing to provide
excellent value with modern family homes in desirable residential
developments," said Mr Nash, who pointed out that new homes in Crestmead sold for an
average of $332,000 over the last financial year compared to the
$319,000 anticipated average at Devine's 'Parkside'
development.
"Rents are also increasing steadily in Crestmead, with our
research showing gross investment returns of over 5%."
Devine is on a controlled path of sensible acquisition and
expansion to becoming a leading developer of master-planned
communities. In February the company gained masterplan approval for
a $460-Million eco-resort on 148-ha at Currumbin, and last month it
acquired sites at Redbank Plains and Morayfield.
Devine is growing its development portfolio nationally towards
$2-billion in finished value of active projects, including 11
housing estates in South-East Queensland.
Released by: Devine, 3 Westmoreland Blvd, Springwood, Queensland
4127
Contacts: Paul Nash, National GM Housing & Land, on (07) 3380
2500, (0439) 730 424
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