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, 2.28 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 7,600 sqm and parking for circa 330 cars. A heads of agreement has been signed with Coles Supermarket to anchor the NAC. The 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 mid 2018.
|Folkestone Interest (%)||50|
|Forecast Construction Commence||2018|
|Forecast Completion Date||2019|