In December 2014, Folkestone entered into a 50/50 joint venture with Lyon Group, a leading Sydney developer, to develop a 3,200 square meter strategically located, mixed-use site immediately opposite Hornsby train station and Hornsby Westfield in Sydney’s north-west.
Master-planning for a mixed-use development including residential apartments, retail and community uses is ongoing. In December 2017, Hornsby Council adopted the Hornsby Eastside Town Centre Planning Proposal that re-zones B3 Commercial Core to B4 Mixed Use and approved funding to allow for the technical studies to be undertaken to address the matters outlined in the Gateway Determination issued by the NSW Department of Planning and Environment.
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.
|Folkestone Share (%)||50|
|JV Partner||Lyon Group|
|Forecast Completion||May 2019 (It is assumed that the land is sold in 2019 as a DA approved site. FLK may decide to develop this in JV with the Lyon Group or bring in other third party capital)|