News and Announcements
Folkestone Enters Into 5th JV with ID_Land for a $40 Million Approved Townhome Development
- Published September 26, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Real estate funds manager and developer, Folkestone, and residential property development company ID_Land entered into its fifth Joint Venture Agreement (JVA).
- The JVA will pave the way for the development of $40 million medium density townhomes in Hadfield, Melbourne CBD.
- Under its previous JVAs, both companies have completed the Potters Northside and Potters Grove in Southeast Melbourne and are developing master planned communities in Wollert and in Truganina.
Folkestone and ID_Land have entered into a fifth joint venture agreement (JVA) for the development of $40 million worth of medium density townhomes in Hadfield, Melbourne CBD. The new townhomes which will be called “The Walter”, was designed by Peddle Thorpe Architects.
Folkestone is a real estate fund manager and developer listed on the Australian Securities Exchange. Its fund management platform, which has up to $1.3 billion under management, provides real estate wealth solutions to private clients and institutional investors.
ID Land Pty Ltd., on the other hand, is a residential property development company based in Melbourne, Australia. The company is into the development of new land estates and medium density townhouses.
“We are pleased to continue our excellent relationship with ID_Land. We share a passion for townhomes, a part of the residential sector that has been under-invested in recent years, particularly in the inner and middle ring suburbs. Families want to be close to work and need more space than is typical of an apartment; medium density townhomes represent outstanding value. Townhouses offer a family-friendly alternative to a detached house, at a lower entry price,” Folkestone Head of Real Estate Ben Dodwell said.
Both Folkestone and ID_Land are presently developing a master planned community worth $120 million in Wollert and in Truganina. Both companies have recently completed the Potters Northside and Potters Grove in Southeast Melbourne.
“The joint venture was the first time Folkestone had partnered with the developer across a medium density site. Over the past 18 months, we have been steadily growing our medium density portfolio as we look to acquire strategic infill sites throughout Melbourne, that offer existing transport links and access to amenity. As a result of this diversification strategy, we now have over 600 townhome sites under management as part of our $1.3b portfolio,” ID_Land Joint Director Matt Belford said.
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