ASX-listed real estate funds manager and developer Folkestone will develop a seniors living community at Sydney's Chatswood Golf Club alongside the seniors independent living village Watermark Castle Cove, with joint venture partner Watermark Retirement Living.

Folkestone and Watermark has struck an agreement with the club to provide a new clubhouse with a restaurant/bistro, bar, health and wellness centre, pool, gym and a cinema, and to upgrade the 14,000sq m golf course for members and seniors living residents, 11 kilometres north of the CBD. The JV will improve the course layout, water management and access roads for golfers.