Folkstone enters JV
Property investment specialist, Folkestone has entered into a 50/50 joint venture Wilmac Properties to develop Stage 2 of its Millers Junction Project located at 330 Millers Road Altona North, Victoria.
The JV will develop approximately 60 strata style office/warehouse mews with an anticipated end value of approximately $30.0m. Wilmac Properties will manage delivery of the Project on behalf of the JV.
Formerly called Millers Road, Altona North, the Project is the last remaining in the original Folkestone portfolio, prior to the recapitalisation and restructure of Folkestone in 2011.
The announcement described the Stage 2 commencement as being a natural progression of the development foreshadowed in November 2013, when Folkestone announced commencement of Stage 1 and the sale of 8,063sqm of land to Aldi Stores.
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