Folkestone (ASX:FLK) is pleased to announce it has entered into agreements with BWP Trust to acquire 1.0 hectare of land and a new call option to acquire an adjoining further 2.4 hectares of land at 290-298 Millers Road, Altona North, to undertake Stage 3 of its successful Millers Junction project. The 3.4 hectares of BWP Trust land will be amalgamated with approximately 2.2 hectares of Folkestone’s existing land holding to create Millers Junction Retail. Millers Junction Retail will be a 13,330 square metre neighbourhood and large format retail centre anchored by Woolworths.
Folkestone is also pleased to announce that it has entered into its fourth joint venture with Wilmac Properties (“Wilmac”) to expand its exposure to enterprise park developments. Folkestone and Wilmac will develop a further 2.2 hectares of Folkestone’s land at Altona North into 76 office/warehouse mews with an end value of circa $28 million (“Millers Junction Business 2”). Millers Junction Business 2 is immediately adjacent to the proposed Millers Junction Retail and directly opposite Folkestone and Wilmac’s first enterprise park development, Millers Junction Business, which comprises 71 office/warehouse mews. The expansion of the enterprise park at Millers Junction follows the success of Millers Junction Business which is on track to be completed later this month, some 18 months ahead of schedule. Construction of Miller Junction Business 2 is expected to commence in early 2018.