Potters Grove, Officer
Potters Grove, Officer is a 14.1 hectare site located in the Cardinia Shire, ranked as having the fourth largest population growth in Australia from 2001-2011. The Cardinia Urban Growth Area is in Melbourne's south east growth corridor and was created when the State Government extended Melbourne's urban growth boundary. Potters Grove is a 50:50 joint venture between Folkestone and ID Land, a Melbourne based property development company specialising in land sub-division and mixed use development. The joint venture's submission for residential rezoning was approved in late 2011 and gazetted on 12 January 2012. The joint venture was also the first to be granted masterplanning and development permits within the precinct on 23 February 2012 prior to settlement in July 2012.
The marketing of Stage 1 is well underway with 38.0 per cent of the stage now under deposit. Construction of Stage 1 is scheduled to commence in late 2012 with settlement of these first stage lots anticipated to occur in early 2013.
Under the terms of the joint venture, the balance of Folkestone's equity investment was due for payment at settlement. Consistent with these terms, Folkestone's remaining equity commitment of $4.9 million was paid on 10 July 2012 taking its total equity invested to $6.1 million.
As part of this process, the joint venture successfully secured a financing facility from Bank of Melbourne to assist with land settlement and the development of Stage 1.
For more information, please click here to go to the Potters Groves, Officer website.
PRESS: Officer development Potters Grove lures first-home buyers with additional sweetener as government deadline looms
Cassidy Knowlton, Property Observer, 19 June 2012
"Officer is fast becoming one of Victoria's most sought-after address, and we're excited to be able to give first-home buyers a helping hand in purchasing their very own home at Potters Grove," says Integrated Development director Jeff Garvey.
|TYPE||Residential Land Subdivision|
|EQUITY COMMITMENT||As at 30 June 2012 - $1.2m
Total Equity Commitment - $6.1m