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Pace Developments Pays $5.1 Million For Collection of St Kilda Buildings, Apartments Planned

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Written by Marc Pallisco   
Wednesday, 16 December 2009 09:37

BRIGHTON-based builder Pace Developments has paid $5.1 million for a collection of offices and warehouses overlooking Dandenong Road.
 
The 11 – 17 Wellington Street properties cover 1,250 square metres, and offer a second street frontage to Nelson Street.
 
The six buildings on the site will be demolished and replaced with a six-level apartment tower with more than 100 units, offering views over Albert Park Lake toward Port Phillip Bay and the CBD.

Kelemen Commercial marketing agent Andrew Egan said the sale price equated to a strong land value of just over $4,000 per square metre.
 
A campaign to sell the collection of sites last year fell through.
 
One of the biggest recent sales in the immediate area was in July 2008, when Orchard Diversified Property Fund sold the 2,800 square metre 3 Wellington Street office – with prominent frontage to the frantic St Kilda Junction - for just over $10 million.

Earlier this year, Pace Developments paid $6.15 million for Murrumbeena’s former Christian Guest House at 51 Murrumbeena Road, which has sold five times in the past 10 years. That 5,290 square metre site is earmarked for a 4-level, 100-unit apartment project.