Devine has bought an existing apartment complex and adjoining vacant site in Brisbane for $22.7 million.
The amalgamation of the 2,067 sqm site on the corner of Alice and Albert Streets involved securing the 23 units in the “Carrington” apartment complex and contracting to buy an adjoining vacant site at 140 Alice Street.
Subject to obtaining approval under the new town plan, the development that is proposed for the site is likely to be completed in the second half of 2011 and have an end value once developed and sold totalling $250 million.
Devine’s managing director David Devine said the aggregation was achieved after extensive negotiations with the owners of Carrington apartments and the private owner of the 140 Alice Street site.
“It has been a complex transaction but well worth the outcome of securing this prime corner location which overlooks the city’s botanical gardens and fronts the Albert Street boulevard.
“This site offers enormous potential to develop a prestige six star residential complex with views over the Botanic Gardens and the Brisbane River and within easy walking distance of the city centre,” he added.
“Development concepts are now being formulated with an international design competition to be conducted,” devine said.
The aggregation of the site was brokered by Ray White Commercial Director Rick Bird over an 18 month period, involving concurrent negotiations with multiple vendors.
Devine is currently developing the Charlotte Towers residential apartment complex in Brisbane’s CBD, which will have an end value of $170 million and is being built by the company’s in-house construction division.
Other key projects for Devine include the development of the master planned residential estate, “Hideaway @ Currumbin”, on Queensland’s Gold Coast which will have an end value of approximately $500 million.
A week ago Leighton Holdings Limited announced it had agreed to acquire a strategic 40% stake in Devine for approximately $94.7 million.
The Leighton acquisition is subject to the approval of Devine’s shareholders in late March.
Australian Property Journal