In December 2014, Folkestone entered into a 50/50 joint venture with Lyon Group, a leading Sydney developer, to develop a strategically located, mixed-use site immediately opposite Hornsby train station and Hornsby Westfield in Sydney’s north-west.
During FY16, the JV acquired a small building on 385 square metres of land, taking the total area either owned or optioned by the JV to circa 3,200 square metres. The JV is seeking to consolidate further land adjoining the existing properties to unlock a significant mixed use (residential, commercial, retail and community) development opportunity in this strategic location. During FY16, master planning activities continued and negotiations progressed with key stakeholders in relation to the site.
Folkestone may sell down part of its investment to introduce third party capital into the project prior to rezoning/DA approval and/or at the development stage.
As at the reporting date, Folkestone’s funds invested in this project were $4.9 million.
As at 30 June 2016
|Folkestone Share (%)||50|
|JV Partner||Lyon Group|
|Forecast Completion||Mid 2019|