In August 2014, Folkestone acquired, in a 50/50 joint venture with ID_Land, a call option over 8 hectares of land in Officer, south-east Melbourne. The land is located on the northern side of the Princes Highway in Officer, diagonally opposite Folkestone and ID_Land’s current 240 lot residential land sub-division project known as Potters Grove. Officer is located in the Cardinia Shire which is in the south-east growth corridor of Melbourne and one of the fastest growing areas in Melbourne.
Potters Northside is Folkestone’s third joint venture with ID_Land, who specialise in land sub-division and medium density development. The joint venture has acquired the land on deferred terms providing a capital efficient structure. We have been able to leverage our existing brand and marketing in Officer to achieve good speed to market. Marketing commenced in March 2015, and pre-sales are running ahead of budget.
Northside, Officer as at 30 June 2016
|Ownership Interest (%)||50|
|Option Acquired||August 2014|
|Total Lots||Circa 146|
|Forecast Project Value –
|Forecast Completion Date||Mid 2017|
(For more information on North Side, Officer please visit http://pottersnorthside.com.au/)