Devine and Starfish developments enter $150 million joint venture
Devine Limited (ASX: DVN) and rapidly growing South Australian based Starfish Developments have entered a joint venture for delivery of a $150 million residential community in Adelaide’s eastern suburbs.
The joint venture brings together the considerable and complementary skills and experience of both companies to transform a 19 hectare development site with panoramic views overlooking the City and the Hills and out towards Gulf St Vincent.
Devine’s Managing Director and CEO, David Keir said the Company is pleased to be a partnering with Starfish Developments on this important development project.
“Starfish Developments is an innovative property development company, and we are excited to couple this with the experience of Devine such that together we may create a vibrant new residential community.”
“This is the beginning of a strong development relationship that we anticipate will provide for further joint venture development opportunities in the future,” said Mr Keir.
Under the agreement, Devine will fulfill the development management responsibilities for the project, while Starfish Developments will provide built form design leadership, along with marketing and sales responsibilities for the project.
Starfish Developments, Managing Director, Damon Nagel said he was delighted to be partnering with the ASX-listed Devine on the Woodforde project.
“Starfish prides itself on pioneering well designed projects in prime locations which help raise the bar for developments in Adelaide,” said Mr Nagel.
“Woodforde is a hidden gem whose location will offer future residents the best of both worlds with easy access to the city, eastern suburbs shopping strips and the Adelaide Hills.”
The yet to be named community development project will be planned over the coming months before a development application is lodged to the Adelaide Hills Council.
Anyone interested in being kept informed of the Woodforde development can register their interest at www.woodforde.com.au
ISSUED BY HUGHES PUBLIC RELATIONS: Please contact Simon Hatcher on (08) 8412 4100 or 0419 780 071