In May 2018, Folkestone entered into a 49.9/50.1 per cent joint venture with ID_Land in a circa 251 lot residential land subdivision known as Rosewood in Plumpton (“Rosewood” or “Project”).
Rosewood is located within the Kororoit Precinct Structure Plan which was approved by the Victorian Government in February 2018 as a major new masterplanned suburb in Melbourne’s western growth corridor. Plumpton is located in the City of Melton, approximately 30 kilometres north-west of the Melbourne CBD and is ideally positioned immediately west of Caroline Springs. Rosewood was launched in May 2018, and already a number of pre-sales have been secured.
Folkestone’s 49.9 per cent interest in the Project will be held by the Folkestone Plumpton Development Fund. Folkestone will be seeking to raise $16.5 million of which $3.3 million will be provided by Folkestone (20 per cent interest in the Fund) and $13.2 million will be raised from third party investors.
This is Folkestone’s fifth land sub-division project in Melbourne with ID_Land, and the third to be put in a Folkestone managed fund.
|Fund Type||The Fund is a single, closed end, unlisted real estate fund.|
|Developer||Folkestone / ID_Land|
|Location||961 Taylors Road, Plumpton, VIC|
|Size||Circa 251 lot residential land subdivision|
|Description||– 66.6 hectare land parcel.
– Approximately 30 kilometres (30-40 minute drive) north-west of the Melbourne CBD.
– One of Melbourne’s key growth corridors.