800 new homes in $240m Evanston development
A $240 million, 800-home development will be built near Gawler to tap into the growth of the northern suburbs, a major developer announced yesterday.
A $240 million, 800-home development will be built near Gawler to tap into the growth potential of the northern suburbs, a major developer announced yesterday.
Devine property group has entered into an agreement with a landowner to develop a 59ha site at Evanston Gardens, 35km north of Adelaide.
The development will provide housing for 2000 residents and will be completed over the next five to six years, with the first stage expected to be ready for release next year.
Devine managing director David Keir said the company was keen to tap into the area's growth potential which would be boosted by such government infrastructure projects as the Northern Expressway and the Adelaide-Gawler rail upgrade.
The company says it entered into an agreement with the landholder which will enable Devine to develop the land and make staged payments to purchase the site. "From our perspective, it is about conserving our capital to enable us to continue our growth plans," Mr Keir said.
He said the development agreement equated to a land purchase price of about $20 million.
The development will include 800 homes and will include a network of walking and cycling tracks linking the estate to the Adelaide-Gawler rail line.
The area has been earmarked in the State Government's 30-Year Plan for Greater Adelaide as a residential growth area. It is expected to grow by 150 per cent in the next decade.
Retail and commercial development adjacent to the railway station and the development site also has been flagged by the Land Management Corporation.
Devine's new investment, with its $300 million Lakeside development, indicated the company's faith in the South Australian market, Mr Keir said.
"Adelaide is an attractive market for us. It is a very stable market and we have got an established brand and we can produce an affordable offering here," he said.
The development site is undergoing rezoning, which is expected by late this year.