In December 2006 Folkestone acquired 320 hectares of future industrial land at 135, 225 & 285 Donnybrook Rd, Mickleham in a 20:80 joint venture with the AMP Capital Investors’ managed Select Property Portfolio Number 2 Fund (“SPP No:2”).  Folkestone is the development manager for the joint venture.  Located within the Urban Growth Boundary, the land enjoys excellent links to Melbourne’s road transport infrastructure in particular the Hume Highway and Craigieburn bypass.

The land was rezoned in December 2008 from farmland to Business 1 and 3 which will enable the land to be developed for employment uses.  The earlier than expected rezoning of the land is a response by the local and state government authorities to the lack of appropriately zoned employment land in the northern growth corridor of Melbourne. 

The joint venture is continuing with works to bring infrastructure services to the site.  Settlement and the final land payment to the Vendor will take place in December 2010.  Folkestone’s component of this payment is approximately $12m.