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.

As at 31 December 2013, all 56 lots in Stage 1 had been contracted for sale with 55 lots settled. The last remaining Stage 1 lot settled in January 2014. Construction works for Stage 2 (43 lots) commenced in July 2013 and was completed in February 2014. As at February 2014, a total of 37 lots representing 86 per cent of the total lots for this stage have been contracted for sale with settlements expected to commence in March 2014.

Marketing of Stage 3a lots (31 lots) has also commenced and a total of 10 lots representing 32 per cent of the total lots in this stage have been contracted for sale. Discussions have commenced with Bank of Melbourne with regard to a construction facility for Stage 3a and the joint venture is forecasting to commence construction works for Stage 3a in the June 2014 quarter.

 

Potters Grove, Officer as at 31 December 2013
Sector
Residential
Ownership Interest
50%
Location
Officer, Vic
JV Partner
ID Land
Area/Size
14.1ha
FLK Equity Invested
$4.6m
Option Acquired/Settled
June 11/July 12
FLK Preferred Equity Invested1
$2.6m
Total Lots
227
Debt Provider
Bank of Melbourne
% of Lots Sold
41%
Debt Amount (Project)
$2.1m
Forecast Project Value –
Gross Revenue
$44.0m
Debt Expiry
9 Sept 2014
Settlements Started
May 2013
Price Range of Lots
$124,000 to $244,000
KEY INFORMATION