12-Storey Development in Melbourne's South-East Scheduled to Commence Construction in 2018

Melbourne's middle ring suburbs are some of the most infrastructure rich parts of the city in terms of transportation, retail and community services, open space and schools. 

Pace Development Group, in collaboration with Centraland, believe their latest development,"Pace at Carnegie" benefits from the local amenity that suburbs like Carnegie has to offer.

Twelve kilometres south-east of Melbourne's CBD, Carnegie has experienced steady population growth in the 15 years to 2016. The stable growth rate is expected to continue in the next 15 years, with the population forecast to increase to 21,400 by 2031.

The development offers a mix of one, two and three bedroom apartments priced from $345,000 to $895,000. The apartments range in size from 45 square metres to 107 square metres and comprises 152 apartments across 12 levels. All apartments come with at least one dedicated car space plus basement storage areas.

Michael Holah, Planning Manager for Pace Development Group, says, “The suburb of Carnegie has undergone major rejuvenation in recent years, and Pace Development Group sees an exciting opportunity to bring an elevated standard of living to the area.”

Carnegie apartments have experienced 3.1% annual growth over the last five years, outpacing the Melbourne average, with demand driven by accessibility to Melbourne’s premier educational institutions, major hospitals and shopping facilities.

Over the last decade, the median weekly rent for Carnegie has grown by 76%, presenting an attractive opportunity for both owner-occupiers and investors.

Designed by architectural design practice, The Buchan Group, the 2,771 square metre site is bound by Woorayl Street to the South, and neighbours Koornang Rd to the West.

Strong emphasis within the design of the development was set around activating the surrounding street frontage through six retail spaces that will front a contemporary new transport hub at Carnegie Railway Station.

Construction of Pace of Carnegie is scheduled to commence in 2018, with completion expected in late 2019.