Folkestone Limited (ASX:FLK) has entered a 50:50 joint venture with Wilmac Properties to develop Stage 2 of its Millers Junction Project in Victoria.
The real estate funds manager and developer says the JV will develop about 60 strata style office and warehouse mews.
The project has an expected end value of about $30 million and Wilmac Properties will manage the delivery of the project on behalf of the JV.
Folkestone says 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.
Folkestone reported a net profit of $2.8 million in the 2014 financial year.