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 the Project has now soldout.
Northside, Officer as at 30 June 2016
|Ownership Interest (%)||50|
|Option Acquired||August 2014|
|Total Lots||Circa 146|
|Forecast Project Value –
|Forecast Completion Date||late 2017|
(For more information on North Side, Officer please visit http://pottersnorthside.com.au/)