News and Announcements
Folkestone Partners ID_Land to Develop New Residential Master Planned Community
- Published December 16, 2015 3:14PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
16th December 2015
Folkestone is pleased to announce that it has established the Folkestone Wollert Development Fund which has entered into a 50-50 joint venture with ID_Land to develop a 48 hectare residential master planned community in Wollert (“Project”), in Melbourne’s rapidly growing Northern Growth Corridor.
The Project is located within the Wollert Precinct Structure Plan (“PSP”) which is slated for Government gazettal in 2016. The Project will encompass more than 500 residential lots, with an on completion value of approximately $120 million.
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.
Folkestone’s Head of Real Estate, Mr Ben Dodwell said, “Strategically, this project makes sense for us as we are now represented in Melbourne’s key growth corridors – Northern, Western and South-Western.”
“Folkestone and ID_Land are focused on delivering thriving communities and new homes that represent outstanding value” said Mr Dodwell.
Mr Matthew Belford, ID_Land Director said “We are pleased to announce our new joint venture with Folkestone after our very successful partnerships across three of our existing projects.”
To read more, please click here.
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