FOLKESTONE and AMP Capital Investors' have jointly bought an urban landfill site in the inner Melbourne suburb of Clifton Hill.
AMP Capital Investors’ share will be held in the Select Property Portfolio Fund 2. Folkestone has also been appointed development manager by the joint venture.
Located approximately 3.5 kilometres from the Melbourne CBD, the land was recently rezoned from industrial to mixed use and has a planning permit for 100 residential dwellings comprised of 60 townhouses and 40 apartments.
Folkestone’s managing director Oscar Guglielmi said this is the third acquisition Folkestone has undertaken with the AMP managed Select Property Portfolio and is the first residential project within this partnership.
“The project is targeted to meet the strong demand for new inner-suburban residential product, which the joint venture believes will continue to grow for the foreseeable future.” he added.
AMP Capital Investors’ head of opportunity funds Dale Phillips said globally there is a strong demand for quality inner city living, with Australian cities being no exception.
“We feel that this opportunity is well positioned in a recovering market where supply has been somewhat subdued in recent years,” Phillips concluded.
Australian Property Journal
