Devine's Currumbin on the market

DEVINE has appointed DTZ in Brisbane to its Hideaway @ Currumbin site on the Gold Coast.

Devine has decided to sell the site after receiving interest in the master planned estate from numerous developers.

The 370-acre land parcel is located at the gateway to the stunning Currumbin Valley. Development approval for the exclusive estate was granted in November 2006.

Legislation constraints to future developments of this type in the area have added to the site’s value, which has approval for 527 luxury dwellings.

Managing director David Devine said to deliver the best possible outcome to shareholders, Devine should explore all opportunities that are presented to it by the market, especially when demand for high-end quality sites is at such a premium.

“The sale of Hideaway @ Currumbin will enable us to concentrate our efforts on other planned developments such as Hamilton Harbour on Brisbane’s inner northern fringe, as well as various commercial projects in the Brisbane CBD,” Devine said.

DTZ Brisbane’s joint managing director Andrew King is conducting an expressions of interest campaign which close on September 13 2007.

King said south-east Queensland’s chronic undersupply of residential land was creating strong demand and competition for prime development sites.

“Given the site’s rare location, and the level of buyer interest, we are confident of securing a good outcome for Devine”, King said.

Australian Property Journal