This article is from the Australian Property Journal archive
GREG Paramor's Folkestone has entered into a joint venture with Wilmac Properties to develop Stage 2 of its Millers Junction project at Altona North in Melbourne's west.
Located at 330 Millers Rd Altona North, the project will comprise approximately 60 strata style office/warehouses with an expected end value of approximately $30 million.
Formerly called Millers Road, Altona North, the project is the last remaining in the original Folkestone portfolio, prior to the recapitalisation and restructure of Folkestone in 2011.
Folkestone head of real estate Ben Dodwell said the stage 2 commencement is a natural progression of the development following the commencement of stage 1 and the sale of 8,063 sqm of land to Aldi Stores.
Stage 1 comprises a 21,639 sqm large format retail centre consisting of Bunnings, Officeworks, JB Hi Fi, PETstock, petVET, Repco and a café which was pre-sold to the Folkestone Real Estate Income Fund at Altona North.
As a part of the JV, Wilmac Properties will manage delivery of the project.
“We are excited to be joining with Wilmac Properties to deliver Stage 2. This scheme is a logical inclusion to the new Millers Junction precinct which will include a mix of retail and business uses in a classic urban renewal area. We anticipate that this will be well received by local resident businesses in the area,” Dodwell said.
Folkestone currently holds its investment on balance sheet and no further equity investment is required.
Dodwell said Folkestone continues to develop its masterplan for stage 3, the residual 4.4ha parcel north of Cabots Drive.
Australian Property Journal
