DEVINE'S METRO PLANS $75M PROJECT

DEVINE'S METRO PLANS $75M PROJECT

METRO Property Development is planning to build between 600 and 800 apartments per year in Brisbane.

Established by former Devine executives David Devine and Ken Woodley, the company is extending its works pipeline with the acquisition of a prime site in South Brisbane for an undisclosed sum.

Metro is planning a $75 million, 165-apartment residential project on the 2270sqm site on the corner of Russell and Manning streets, South Brisbane.

The vendors are Harry and Alex Poulos and the sale was negotiated by Chesterton International’s Tobias Benz. Metro executive chairman David Devine (pictured) says the site’s close proximity to the city and major transport infrastructure including rail and bus services would appeal to a variety of buyers, including young professionals, owner occupiers and investors.

“This is a terrific site, within walking distance to some of Brisbane’s most cosmopolitan lifestyle precincts at Southbank and West End and was acquired at a very reasonable price considering other transactions in the area over recent years,” he says.

“We intend to push ahead with the planning process very quickly with the goal of launching the project in early 2012. On completion we expect to have approximately 165 units which will provide a high quality and affordable entry into the South Brisbane market.”

The site is the fourth major acquisition by Metro since it was established in early 2010 and takes the company’s total pipeline of confirmed apartments to more than 850. Metro is completing due diligence on a further three sites which will add 450 apartments to the company’s pipeline.

Apartment projects include; The Chelsea Bowen Hills (195 units); Madison Heights at Bowen Hills – (286); Brooklyn on Brookes, Fortitude Valley (199); South Brisbane and Manning streets (165).

The company is also set to launch its first residential development in Melbourne following the $10.2 million acquisition of a highly-prized site on Orchard Road at Doreen. The 8ha site is about 30km north-east of Melbourne in the heart of the high growth Mernda region and is expected to yield about 175 lots.

Construction of Metro’s first project, the New York-inspired The Chelsea Bowen Hills, started prior to Christmas and is due for completion in March 2012.

The Chelsea Bowen Hills, which is a joint venture between Metro Property Development and new Delhi-based Pearls Global, has taken deposits on 175 of the 195 apartments in the project with total sales of $64.8 million.

The joint venture partnership has also launched its second project Madison Heights – a 30-level, 286-apartment tower on the corner of Campbell and Mayne streets, Bowen Hills – where 45 units totalling $18.9 million have sold.

Woodley told Brisbane Business News that investors have made up 75 per cent of sales.

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