Neighbourhood Activity Centre, Truganina, VIC
The Folkestone Truganina Development Fund (Fund) and ID_Land (80/20 JV) are undertaking a residential land sub-division known as Elements, in Truganina in the western corridor of Melbourne.
As part of the Elements estate, 2.3 hectares has been set aside for a retail neighbourhood activity centre (NAC). Folkestone Limited (not the Fund) and ID_Land (FLK-ID JV) have provided a letter of intent to the Fund and ID_Land to acquire rights to the land and to develop the NAC. A master plan is being prepared for a supermarket, retail shops, commercial and ancillary services of approximately 7,460 sqm and parking for circa 330 cars. A heads of agreement has been signed with a major supermarket operator to anchor the NAC. The proposed sale to the FLK-ID JV will be at market value as determined by an independent expert valuer following development approval of the NAC and the conditions precedents in the heads of agreement being achieved, which is forecast to occur in mid 2019.
|Folkestone Interest (%)||50|
|Forecast Construction Commence||Mid 2019|
|Forecast Completion Date||Mid 2020|