Millers Junction, Altona North – Stage 3, Victoria
Folkestone has entered into agreements with BWP Trust to acquire 1.0 hectare of land and a new call option to acquire an adjoining further 2.4 hectares of land at 290-298 Millers Road, Altona North, to undertake Stage 3 of its successful Millers Junction project.
The 3.4 hectares of BWP Trust land will be amalgamated with approximately 2.2 hectares of Folkestone’s existing land holding to create Millers Junction Retail. Millers Junction Retail will be a 13,330 square metre neighbourhood and large format retail centre anchored by Woolworths. The masterplan has secured unanimous support from Hobson Bay Council and is now subject to final approval before the Victorian Government’s Planning Panels Victoria hearing in July 2017.
The circa $70 million development will sit directly opposite Folkestone’s recently completed Millers Junction Home development, which includes a 16,885 square metre Bunnings, Officeworks, and JB HI-FI Home. The Folkestone fund, which owns Millers Junction Home, was recently ranked the 5th best performing core fund in the Property Council/IPD Unlisted Core Retail Property Fund Index at 30 April 2017.
Folkestone is also pleased to announce that it has entered into its fourth joint venture with Wilmac Properties (“Wilmac”) to expand its exposure to enterprise park developments. Folkestone and Wilmac will develop a further 2.2 hectares of Folkestone’s land at Altona North into 76 office/warehouse mews with an end value of circa $28 million (“Millers Junction Business 2”). Millers Junction Business 2 is immediately adjacent to the proposed Millers Junction Retail and directly opposite Folkestone and Wilmac’s first enterprise park development, Millers Junction Business, which comprises 71 office/warehouse mews. The expansion of the enterprise park at Millers Junction follows the success of Millers Junction Business which is on track to be completed later this month, some 18 months ahead of schedule. Construction of Miller Junction Business 2 is expected to commence in early 2018.