Development Consent for Retail secured

Folkestone Secures Development Consent For Millers Junction Retail.

Folkestone is pleased to announce that it has secured development consent for the fourth and final stage of its Millers Junction project in Altona North, Melbourne to be known as Millers Junction Retail. Millers Junction is the last remaining project in the original Folkestone portfolio, prior to the recapitalisation and restructure of Folkestone in 2011. Folkestone assumed 100 per cent ownership of the project in 2013, following the acquisition of AMP Capital’s 50 per cent interest.

The consent, which was granted via a planning scheme amendment, re-zones existing land held under a call option with BWP Trust (announced June 2017) and consolidates this with adjacent Folkestone owned land. The proposed circa $70 million development is adjacent to Millers Junction Business II (announced June 2017), Millers Junction Business I completed in 2017 and Millers Junction Home which is anchored by Bunnings and Officeworks and is owned by Folkestone Real Estate Income Fund at Altona North.

Under the proposal, Millers Junction Retail will be anchored by a full line Woolworths supermarket, specialty shops and food retailing, circa 8,500 square metres of large format and other retail uses together with associated business and commercial services.

Folkestone’s Head of Real Estate, Mr Ben Dodwell, said “This consent allows us to complete the Millers Junction precinct which has become a leading enterprise hub in Melbourne’s west. We now have a thriving mix of small businesses located around Bunnings, Officeworks and Aldi. With the addition of Woolworths and convenience retail, food and proposed click and collect facilities, we can offer a new level of convenience to the Hobsons Bay community”.

Customers are increasingly price discerning and want to shop at a time that suits them; consequently, our merchants want competitively priced space to meet their customer’s needs. Millers Junction Retail offers all this and more in one open air, readily accessible location” Mr Dodwell said.

Whilst commencement of the proposal is subject to exercising of the call option with BWP Trust, leasing of Millers Junction Retail is well underway and Folkestone is targeting completion in the 2020 financial year.