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).
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.