Potters Northside, Officer

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 Potters Grove residential (completed in 2016) land sub-division. Officer is located in the Cardinia Shire which is in the south-east growth corridor of Melbourne, one of the fastest growing areas in Melbourne.

The joint venture acquired the land on deferred terms providing a capital efficient structure with the first tranche of land settled on 25 August 2015 and the second tranche on 5 August 2016. As at 31 December 2017, 145 of 146 lots had been pre-sold, and 137 settlements had occurred. The project is due for completion by mid 2018.

Potters Northside, Officer as at 31 December 2017
Sector	Residential
Location	Officer, Vic
Area/Size	8.0ha
Ownership Interest (%)	50
JV Partner	ID_Land
Option Acquired	August 2014
Total Lots	146
Forecast Project Value – Gross Revenue	$30m
Forecast Completion Date	Mid 2018