Description

Noone Street, Clifton Hill was acquired in June 2007 and is a 1.1 hectare parcel of land with a residential development approval. The development, known as The Terraces, Clifton Hill, originally comprised 103 dwellings prior to the sale of
part of Stage 6 as a superlot.

The last remaining unsold townhouse was sold in November 2011. To date 66 of the 87 dwellings (76.0 per cent) have settled. The balance of 21 dwellings are on track for completion and settlement as forecast in the first quarter of the 2012 calendar year. The senior debt facility, having recently been extended to 29 February 2012, was repaid in full on 5 January 2012. It is expected that cash proceeds to Folkestone from the project will be approximately $9.0 million over the current financial year.

For more information, please click here to go to The Terraces, Clifton Hill website.