Folkestone West Ryde Development Fund
The West Ryde Development Fund is an unlisted, closed-end development fund in a 50/50 Joint Venture with Toga to develop a residential apartment and mixed-use project in West Ryde, Sydney, New South Wales.
The project, known as Central Square, comprising a mixed-use development built over 7 levels including 229 one, two and three bedroom residential apartments, and 2 levels of car-parking was completed in the August 2015.
As a result of the increase in apartments, higher than forecast sales prices and reduction in time, the forecast return on equity increased from 32.0 per cent p.a. to more than 50.0 per cent p.a. and the equity IRR increased from 18.0 per cent p.a. to 31.0 per cent p.a.
West Ryde Development Fund as at 30 June 2016
|Type||Unlisted||Fund Share of Project (%)||50|
|Sector||Residential||Folkestone Co-Investment in Fund||50% (Effective Interest in the Project – 25%)|
|Location||West Ryde||Project Completion||August 2015 (9 months ahead of schedule)|
|No of Apartments||229||% of Apartments Sold||100|
Our Board – Folkestone Funds Management Limited
Our Executives – Folkestone Funds Management Limited
Central Square is an iconic new development proudly developed by Folkestone in conjunction with joint venture partner, Toga.
Located in the heart of West Ryde, Central Square comprises a residential tower over 5 levels, designed in a “U-shape” that wraps around a podium level landscaped garden and common area. Below this there are be two-levels comprising additional residential apartments and approximately 259 car parking spaces for the use of the residents. A total of 229 residential apartments have been built (up from 205 apartments and 22 commercial suites previously planned following amendments to the DA). Central Square has been constructed above a 3,500 square metre Coles supermarket and two levels of basement car parking
This contemporary collection of oversized 1, 2 and 3-bedroom apartments offer an unrivalled level of quality in a revitalised and thriving West Ryde. All feature spacious open-plan designs and stylish interiors with a seamless indoor-outdoor flow facilitated by expansive full-width balconies that welcome in superb district views and plentiful natural light.
The Project reached practical completion in June 2015 with all apartments settling in August 2015.
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