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Former Christian Guest House, Murrumbeena, Sold For $6.15 Million to Apartment Developer

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Written by Marc Pallisco   
Tuesday, 20 October 2009 08:34

MURRUMBEENA’s former Christian Guest House has sold for $6.15 million to boutique residential builder Pace Developments.
 
The 5,290 square metre site, which had also previously been used as an aged care facility, will make way for a 4-level, 100 unit apartment complex with a speculated end value of more than $40 million.

The site at 51 Murrumbeena Road, near the Murrumbeena train station, has sold five times since shutting its doors more than ten years ago. Demolition works started on the site about three years ago, as part of a bid to build double storey townhouses on the site, sources say.
 
The sale was negotiated by Beller Commercial’s Fred Nucara, and Uniq Property’s Andrew Fawell. Pace Developments director Shane Wilkinson was unavailable for comment.
 
Pace Developments other developments include Nautica, a 30-unit development opposite the Sandringham Yacht Club, and projects in  Brighton, Cheltenham and St Kilda. It’s Murumbeena purchase is in keeping with the Melbourne @ 5 Million planning scheme which encourages higher density development close to existing transport nodes.