JG King, Massi, Buy Into $80 Million Clifton Hill Housing Estate

FOLKESTONE and AMP Capital Investors have sold part of a major $80 million residential development in Clifton Hill.

A joint venture consortium including major suburban home builder JG King Homes, and Massi Property Solutions, have paid an undisclosed sum for a major piece of the Clifton Hill site, at the corner of Noone and East Grey streets, near the northern fence of the Eastern Freeway.

The site, formerly occupied by Spicers and used as a clothing dye factory, was part of a much larger property acquired by Folkestone and AMP for a speculated $14 million in June 2007.
Massi director Simon Cleal confirmed it purchased the site from Folkestone, with a permit, in an off-market deal negotiated during the economic downturn.

The consortium plans to build 24 three-bedroom, three-storey townhouses on the site, each on their own block of land, and priced at $749,000. The development will be called Dights Lane, given its location close to Dights Falls.

Folkestone and AMP is developed housing on its part of the Clifton Hill site, including apartments within a heritage protected red brick factory, and townhouses on land around it.

Melbourne commuters will see the development taking shape if they peer left immediately after passing the Hoddle Street entrance of the Eastern Freeway, outbound.

Those who battle the inner eastern suburb’s side-streets will recognise the site at the top of Trenerry Crescent, a Hoddle Street bypass which travels under the Eastern Freeway connecting Clifton Hill to Abbotsford at Johnston Street.