Description

PottersGrove, Officer is a 14.1 hectare site located in the Cardinia Shire, ranked as the third fastest growing local government area in Australia in 2010. 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.

PottersGrove, Officer is a 50:50 joint venture between Folkestone and Integrated Development, a Melbourne based property development company specialising in land subdivision and mixed‐use development. The joint venture received confirmation on 23 December 2011 of the ministerial approval for the rezoning of the site, and the rezoning was gazetted on 12 January 2012. Under the terms of the joint venture, the balance of Folkestone's equity investment in this project is due for payment on 10 July 2012.

The contract of sale is now unconditional and as such Folkestone's 50.0 per cent contribution to the acquisition of the land and associated liability is reflected in the Half Year Report.