DAVID DEVINE: BACK & BUILDING BIG
14 May 2012,
DAVID Devine (pictured) has a sore back, a lingering niggle after a small operation a few months ago on a minor spinal problem.
But the irritation can’t stop him smiling. And why not?
With much of the property sector in a world of pain right now, Devine and his privately owned Metro Property Development are attacking the market with energy and optimism.
With a development portfolio nudging $1 billion, and a joint venture arrangement with Indian property powerhouse Pearls Australasia turning into a marriage made in heaven, life is sweet for the 65-year-old.
“We are very bullish in a market people are saying is the worst they have seen in 20 years," Devine says.
“Brisbane is in the doldrums in terms of the property market, but not in the doldrums for Metro. We know what we are doing and there are people out there who love what we are doing."
Metro’s current bullish activity includes three fast-selling high-rise projects with Pearls in inner Brisbane, two other CBD fringe high-rise and commercial mix projects (and two others in the pipeline), along with advanced broad-acre housing development plans in regional Victoria (through Creation Homes) and a new foray into South Australia.
There’s certainly no time to waste worrying about a sore back, says Devine. Two years after selling out of the eponymous development company he founded three decades ago, Devine says the secret to his latest success is 'very simple'.
“I am a great believer in business plans. You must know your business and stick to the plan," he says.
“Your product has to be well located and it has to be designed correctly. We’re investing our capital wisely and in good sites. We’re building apartments that reflect today’s changes in lifestyle and we’re keeping them affordable.
“We nurtured various lines of distribution and looked after them over the last 15 years. Now those lines of distribution are looking after us."
Two years after leaving his eponymous company, David Devine’s new property venture has nearly $1 billion in development projects under construction or in the pipeline. He reveals the secrets behind his latest success. Read the entire cover story by getting your copy of Brisbane Business News' April issue - out now at a newsagent near you.