Pace Development Group secures St Kilda landmark


Residential developer

Pace Development Group has purchased the Australian Institute of Management’s headquarters in St Kilda for $17.15 million.

Currently comprising five levels of office space above ground level retail, the property occupies a total land area of 2,146sqm and reflected a site rate of $7,992 per square metre.

Located opposite Junction Oval at 173-191 Fitzroy Street, the site has the potential for a 10-12 level residential redevelopment.

CBRE’s Kiran Pillai and Mark Coster together with James Kaufman and Steven Messina of Jones Lang LaSalle sold the six level building via an Expressions of Interest campaign.

“The offering was one of the finest development opportunities put to the market in recent times." said Mr Pillai.

"The site allows for uninterrupted views across Albert Park Lake and the Melbourne CBD as well as sweeping views of Port Phillip Bay,” .

The sale of the property continues a resurgence in residential activity in the area with over 200 enquiries received through the campaign translating to 15 offers.

Now fully completed in 2016, Place Development Group have developed

181 Fitzroy Street, a 10 level project including 151 one, two and three bedroom apartments. Designed by architects SJB with interiors by Carr Design,  181 Fitzroy Street St Kilda is directly opposite Junction Oval with views across Albert Park Lake parkland down to Port Philip Bay and across to Melbourne’s CBD cityscape.

Pace Development Group have partnered with Origin Energy, providing an integrated energy outcome with features of Solar, EVN charger and a communal PHEV solutions enabling the project to achieve an average energy rating of 7.2.

 According to Urban Melbourne, Shane Wilkinson, Managing Director of Pace Development Group has said;

The settlement of 181 Fitzroy, which was sold primarily to the local market (83.5%), marks the end of PACE’s most successful year to date.Despite murmurings of a downturn in the market, 2016 has been incredibly successful year for PACE with 86 at Archer settled in May, 48 settled at George Windsor in October, 86 at Brunswick sold-out in 7 months, Northcote 75% sold in 4 months, Doncaster East selling well and now the completion of 151 luxury apartments at 181 Fitzroy Street, St Kilda.For 181, the immaculate architectural work of SJB is complimented by the expert hand of interior designer, Sue Carr whose impeccable eye has touched upon every internal element at 181 Fitzroy Street, bringing a level of refinement to the project, reminiscent of the finest contemporary European hotels.Having undergone an extremely smooth settlement & valuations process, with 95% of apartments valued at or above purchase price, the settlement of the project marks an appropriate end to 2016 for PACE and aptly sets the tone for what is expected to be an even stronger 2017. 

Established in the mid 1990s, Pace Development Group is an integrated development and construction company that specialises in boutique and high rise apartment development in Melbourne, including The Icon in St Kilda (pictured above

) and Evo in Parkville,

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