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Back To News Monday November 8 2010

Pakenham Community To Expand With $100M Of New Homes And Land

Monday 8 November 2010

Leading residential developer Devine has announced plans for a $100 million expansion of its 600-lot Eden Brook community with the acquisition of a 52.9ha site at Pakenham, south east of the Melbourne CBD.

The site, which is located on Henry Road, Pakenham, was acquired from Vic Roads and will be developed under a joint venture agreement with one of Devine’s existing Victorian partners.

The new site will increase the number of lots at Pakenham by 517 and is expected to boost total sales revenue from the Eden Brook project by approximately $100 million.

The site is Urban Growth Zoned and has an approved Precinct Structure Plan (PSP). Construction can commence during 2011 with first settlements in 2012 and provide Devine with earnings through to the 2015 financial year. The land includes two designated school sites and district parks.

The acquisition reinforces Devine’s commitment to the Victorian market and follows the signing in September of a joint venture agreement with Ballarat-based developer The Gull Group to undertake a 1,500-lot development at Bacchus Marsh, north-west of Melbourne.

Devine Victoria General Manager Neil Anderson said the market for quality land in Melbourne’s high-growth south eastern corridor remained strong with solid demand for Eden Brook’s current releases.

“At Eden Brook we have focussed in delivering quality homesites in an attractive community,” he said. “This focus has proved very popular with buyers and we look forward to the opportunity to extend the community into the new site,” he said.

“Eden Brook’s sales success has also been underpinned by the continued strong growth in the south eastern corridor.”

The new site is located 500m south of the proposed Cardinia Road Train Station, 250m to the proposed major activity centre on Cardinia Rd and walking distance to a proposed primary and secondary schools and 8ha of recreational reserves. The site has direct freeway connections to the Melbourne CBD.

The area has direct access to the Princes Highway and the Pakenham Bypass with Pakenham Rail Station moments away and another station proposed.

Devine Limited Managing Director David Keir said the site would provide Devine with a significant increase in its Victorian and national land holdings and is located in a growth corridor in which Devine has extensive experience and knowledge.

“Eden Brook is the third project we have undertaken in the Cardinia Shire and we are confident it will underpin the continued success of our Victorian operations over the next few years,” he said.

“The structure of our joint venture and the staged timing of payments for the site ensure the financing model for the transaction is an efficient use of the company’s capital while providing short term earnings.

“It also provides us with the opportunity to leverage our existing infrastructure and experience and build on Devine’s established position and reputation in the local market.”

Eden Brook is located immediately adjacent to the proposed Henry Road Recreation Reserve sports complex. Henry Road Reserve will feature a state of the art athletics complex featuring an eight-lane track with a 10-lane front straight, pole vault area, field events area, grass spectator berms, undercover seating for 300 people, administration areas, change rooms and toilets.

There will also be a soccer complex with four fields, clubhouse and associated amenities, a car park and playground and BBQ area, a basketball half –court and open parklands.

The estate is also just a short distance from the state-of-the-art Cardinia Aquatic and Recreation Centre, the Pakenham Racing Club and a wide range of parks and sports fields. Shopping centres Heritage Springs, Fountain Gate and Pakenham Place are nearby.

There are many primary schools, high schools and child care centres close to Eden Brook including Pakenham Secondary College, Pakenham Hills primary School, Lakeside Lutheran College, St Patrick’s Primary School, Beaconhills College and Pakenham Consolidated School.

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