Thursday 13 September 2007

Listed diversified property group Devine Limited (ASX:DVN) has announced plans to develop a $300 million, 37-storey commercial office tower at 145 Ann Street in Brisbane's CBD to be called Westminster Hall.

A Heads of Agreement has been entered into by Devine to lease the site from the Trustees of the Presbyterian Church for 120 years. The lease is subject to Devine achieving a satisfactory development approval for the site.

The heritage-listed Ann Street Presbyterian Church, constructed in the mid- 1850s, will be carefully preserved. A complementary design is proposed for the new building and its siting will be sensitive to the existing structure.

Devine founder and Managing Director David Devine said the proposed A-grade office tower would provide a net lettable area of approximately 33,000 square metres and 174 car parks.

"This will be Devine's second commercial development in the Brisbane CBD and follows the success of our 333 Ann Street project, which is more than 80 per cent leased or under negotiation, 12 months ahead of completion," Mr Devine said.

"The 145 Ann Street development will be an exciting project that will combine the distinctive heritage of one of Queensland's oldest churches, with a contemporary office tower.

"The building has been carefully designed to maximise the Church's features, with an open forecourt allowing views and access from the street.

"The Church will occupy the first level of the building and will be allocated at least 12 permanent car parks. On Sundays, parishioners will have access to a minimum of a further 80 car parks.

"Existing office space located at the back of the Church will also be refurbished during the development."

Mr Devine said 145 Ann Street will offer tenants a prime location within the Brisbane CBD and convenient access to a range of transport services. "The site is ideally located close to major transport infrastructure in the Brisbane CBD, including Central Rail Station and the soon to be completed King George Square busway," he said.

"It is also in close proximity to the city's retail hub, the Queen Street Mall."

Pending the receipt of a satisfactory development approval, construction of Devine's 145 Ann Street project is expected to commence mid-2008, with completion scheduled by early 2011.

ML Design, the architects responsible for Devine's 333 Ann Street project, has also designed the 145 Ann Street tower.

Devine has a current national pipeline of land developments and projects which, when completed and sold, will have an end value exceeding $3 billion.

On 29 August Devine announced an after tax profit of $21.367 million for the 2006-07 year, 13.2 per cent up on the previous year's result.

Released by: David Devine, Managing Director, Devine Limited on (07) 3233 1402
Contacts:Kathy Mac Dermott, Rowland on (07) 3229 4499 or 0448 844 508

Prepared by:Sarah Martin, Rowland on (07) 3229 4499 or 0418 748 892