Folkestone has established the Folkestone Wollert Development Fund which in a 80/20 joint venture with ID_Land, will develop a 48 hectare residential master planned community in Melbourne’s rapidly growing Northern Growth Corridor.
Wollert is located in the City of Whittlesea, approximately 25 kilometres north of the Melbourne CBD. Wollert is ideally positioned between Craigieburn and Mernda, and will essentially form a bridge between these two thriving suburbs.
The Project is on the northern side of Craigieburn Road, approximately 3 kilometres east of the Hume Freeway, the main north-south arterial route into Melbourne and 4.5 kilometres west of the proposed Outer Metropolitan Ring Road, which is planned to improve road connectivity between key employment nodes of Melbourne’s north and west. The Project is also well located between the key employment hub of Craigieburn, Epping Plaza Regional Shopping Centre and the soon-to-open new Melbourne Fresh Produce Market. The Project is located approximately 4 kilometres east of Craigieburn, offering future residents convenient access to the existing Craigieburn Train Station.
(For more information on the Amber Wollert please visit www.amberwollert.com.au)
Folkestone entered into the project with ID_Land in December 2015, via a 50/50 joint venture. Now that the Wollert Precinct Structure Plan has been approved (10 February 2017), Folkestone and ID_Land intend to each sell down their position to 20% of the Project, via a capital raising to third party investors, which is expected to be launched in late February 2017. As a result, the Folkestone Wollert Development Fund will have 80% of the project and ID_Land 20% of the project, with Folkestone’s 20% interest being held via a 25% co-investment in the Fund.
|Sector||Residential Land Development|
|Size||Circa 550 residential lots|
|Folkestone Fund Interest (%)||80|
|Folkestone Co-Investment in the Fund (%)||25|
|Marketing Commenced||November 2016|