In December 2007, Folkestone acquired a 15 hectare parcel of land at 300 Millers Road in Altona in a 50:50 joint venture with SPP No: 2. Folkestone has been appointed development manager by the joint venture.  This site is zoned Industrial 3 and is located approximately 11km from the Melbourne CBD and 2.5km from the Westgate Freeway and Western Ring Road.

As disclosed at the Annual General Meeting, the site was put to the market late last year via an Expression of Interest Campaign run by Colliers International and CB Richard Ellis.  The property is currently under due diligence with one party from the EOI campaign which will conclude in the first quarter of the 2010 calendar year. 

The debt facility has been re-financed with St George Bank during the current period and now runs until November 2010.