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Pace Lists Under Construction Collingwood Office Tower

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Melbourne-based Pace Development Group will list its office building currently under construction in Collingwood, with expectations it could sell for around $30 million.

Pace, led by Shane Wilkinson, said the 51 Langridge Street project is due for practical completion before the end of the year.

The project was approved in April last year following a decision by the Victorian Civil and Administrative Decision to set aside Yarra City Council’s initial rejection of the development.

The 3,082sq m property sits around 1.5 kilometres from Melbourne CBD, which the private developer purchased in 2014 for $1.86 million.

Wilkinson said Pace has been developing in Collingwood and City of Yarra market for a number of years.

“[Pace] has seen Collingwood continue to strengthen as a diversified commercial, retail and domestic market,” Wilkinson said.

CBRE’s Scott Orchard, Josh Rutman, Mark Wizel and Lewis Tong are managing the Expressions of Interest campaign for the SJB designed 11-level project.

Related: Cbus Property Appoints Builder for 17 Spring Street

The latest divestment follows the recent delivery of a nine-storey apartment building located over the road from 51 Langridge Street, comprising 79 apartments on the former Smith Family Head office site.

Earlier this month Pace picked up a 2,411sq m property on the corner of Johnston Street, Gore Street and Argyle Street in Fitzroy for $20 million, with plans in place for a mixed-use residential project on the site.

In Melbourne's east, Pace has plans for its 125-apartment mixed-use development at 160 Whitehorse Road in Blackburn. Pace purched the site with an existing permit for $23.85 million in 2018.

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Article originally posted at: https://theurbandeveloper.com/articles/pace-sells-30m-office-under-construction