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 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 30 June 2017, all 146 lots had been pre-sold, and 118 settlements in Stages 1 to 3 had occurred. The project is due for completion by mid 2018.
Northside, Officer as at 30 June 2017
|Ownership Interest (%)||50|
|Option Acquired||August 2014|
|Total Lots||Circa 146|
|Forecast Project Value –
|Forecast Completion Date||Mid 2018|
(For more information on North Side, Officer please visit http://pottersnorthside.com.au/)