Pace lists North Melbourne supersite including ex-Chubb HQ

Pace acquired the sites abutting Citylink in two parts from 2015. Last June it was permitted to build two 11-storey apartment towers on the Racecourse Road block for years owner-occupied by Chubb.

Pace Development Group is selling adjoining North Melbourne properties including the former Chubb Security headquarters on Racecourse Road abutting a Citylink onramp.

The amalgamated holding spreads 1.3 hectares.

One component – covering 6515 square metres – comes permit ready for two apartment complexes of 11 levels, which would be the tallest in the precinct.

Pace paid the security company about $12.5 million for this property, 87-105 Racecourse Rd and 103 Alfred Street, in 2015.

A year later it spent $15m on an office abutting it to the south – 68-102 Alfred St is tenanted to Melbourne Pathology but also has high density redevelopment potential (story continues below).

The sites, within the Macaulay precinct which has been earmarked urban renewal, are being marketed by Colliers International’s Trent Hobart, Jozef Dickinson, John Marasco, Joe Kairouz and Guy Wells.

Last year the same agency sold a 1.5ha collection of nearby building blocks for $135m to Grocon and GIC.

Affected by the Arden Precinct Structure Plan, and beside the Arden train station, under construction as part of the $11 billion Metro Tunnel project, that holding, offered by luxury car dealer Nick Theodossi, is now earmarked for multiple build-to-rent towers.

The apartment towers permitted to replace the Chubb headquarters at 87-105 Racecourse Road, North Melbourne.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco