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

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.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of