Seniors Living Community At Chatswood, NSW
In May 2017, Folkestone entered into an agreement with Watermark Retirement Living to develop a seniors living community in partnership with the Chatswood Golf Club. The Chatswood Golf Club is located 11 kilometres north-west of the Sydney CBD on Sydney’s lower North Shore and has elevated views of the Lane Cove National Park.
Under the agreement, the FLK/WP Partnership plan to develop a new clubhouse, associated parking and seniors living community on circa 14,000 sqm of golf course land currently utilised for the clubhouse and car park. Work is underway to submit a planning proposal with the Department of Planning. Construction of the Project expected to commence in late 2018.
The new clubhouse will provide shared facilities for both Chatswood Golf Club members and the seniors living residents and will include a restaurant/bistro, bar, health and wellness centre, pool, gym and a cinema as well as new Club rooms, pro shop and golf simulators. In addition, the golf course upgrade will improve the course layout, water management and access roads.
Following planning approval, it is expected that Folkestone’s interest in the project will be a suitable acquisition for the Folkestone Seniors Living Fund No.1. As at 30 June 2017, Folkestone’s funds invested in this project were $1.3 million.
|Land Area (sqm)||14,000|
|Folkestone Interest (%)||50|
|JV Partner||Watermark/Chatswood Golf Club|
|Forecast Construction Commence||2018|