CURRENT DEVELOPMENTS
MICKLEHAM
CLIFTON HILL
MILLERS RD, ALTONA
SORRENTO
COMPLETED DEVELOPMENTS
ALTONA
JOLIMONT SQUARE
PARCEL D TOYOTAGREEN
PORT MELBOURNE
700 COLLINS ST
OTHER DEVELOPMENTS
INDUSTRIAL
COMMERCIAL
RESIDENTIAL
MIXED USE
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This property was acquired in a 50:50 joint venture with the AMP Capital Investors' managed Select Property Portfolio Fund No:2 ("SPP No:2"). Located in the tightly held established industrial area of Altona, the property has excellent links to Melbourne road transport infrastructure with a 4-way interchange with the Princes Freeway 2 kilometres to the west of the site.
Folkestone, in its role as development manager for the joint venture, worked closely with local, state and federal government authorities designing an acceptable industrial land sub-division. Initial marketing of the proposed sub-division was well received especially from the owner/occupier market. Whilst it was the intention to develop the property, strong market demand enabled the joint venture to realise its targeted returns much earlier than anticipated through the sale of the whole site in June 2007.
Located on the Victorian Deaf Society site on Wellington Parade South, the project consisted of 14 new terraced houses, a land parcel of four building blocks and three existing period homes.
The project was completed at the end of 2006 with a completion value of approx. $33 million.
Acquired in joint venture with MAB Corporation, a 10,130m² office and warehouse development, anchored by a 4,116m² requirement for Fuji Xerox, was completed in June 2006.
The development was sold to a private investor on a yield of 7.25% in June 2006.
Parcel B is a joint venture between Folkestone, MAB Corporation and Goodman International and forms part of the toyotagreen Business Park. toyotagreen sets new benchmarks for business parks, with excellent access to major road networks, leading edge functional layouts and a new prestigious location, all just three kilometres from Melbourne’s CBD.
Parcel B is owned by Goodman International and Folkestone is project manager as well as a joint developer for the project in conjunction with MAB Corporation.
Stage 1, comprising five units, two of which have been leased, and stage 2, comprising three units and a multi-deck carpark were completed in May 2007 by Access Constructions with Ericsson taking occupation of Unit 6 (2,985m²).
Of the five remaining units in stages 1 & 2, three units are currently under offer with the other two available for lease immediately.
For further information or to register your interest in this development, please proceed to the project website www.toyotagreen.com.au.
This project was a joint venture between Leighton Properties, LUCRF and Folkestone.
The development comprised a 34,000m² office building over 17 levels, including carparking.
Tenants included Medibank Private, Bureau of Meteorology and VicUrban and was sold to Cromwell Diversified Property Trust for $133 million. |
