Pace Developments Buys Modialloc Development Site |
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Written by Marc Pallisco
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Thursday, 02 August 2007 |
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Melbourne based developer Pace Developments is tipped to be the mystery buyer of a prime retail development site in Mordialloc’s main shopping strip, in a deal worth $5.73 million.
The 3500 square metre site at 530 – 540 Main Street, currently comprises a Not Quite Right supermarket, three smaller retail stores and car parking. It occupies a prominent site at one end of Mordialloc’s busy main retail strip.
Local agency sources say the site is expected to make way for a mixed use retail and residential building, to capitalise on the sites unobstructed views over Port Phillip Bay.
CB Richard Ellis senior negotiator Paul O’Connell, who sold the property with Justin Clarkson, said developers outweighed investors “ten to one” for the site. Both agents declined to elaborate on who the developers were, when contacted by Capital Gain.
Pace is an active developer in the bayside suburbs, having developed several office and retail buildings from South Melbourne through to Rye. An appropriate spokesperson for the company was interstate, and could not be contacted at the time Capital Gain went to print.
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