Pace pounce on Ascot Vale development siteArticle Originally Published On Sydney Morning Herald - Published August 2017
Busy Melbourne developer Pace Development Group has pounced on a mixed-use development site in Ascot Vale for $12 million, its second major purchase in as many weeks.
Pace, which has multiple apartment projects on the go in Melbourne's inner and middle suburbs, bid $12 million at auction for the 3826 square metre block at 327-357 Mt Alexander Road.
The property is leased to several short-term tenants in the healthcare, retail and entertainment sectors for $204,000 rent per annum.
It was sold by a private family in a deal handled by Cushman and Wakefield's Nick Bourke and Tristan Parker.
Pace is rapidly expanding its development portfolio.
A little over a week ago, the group snapped up a $34 million site in Sunshine North.
The 20-hectare former basalt quarry on Duke Street makes up stages four and five of the River Valley Estate project that Pace will develop into townhouses.
The site was offloaded by Bendigo-based YourLand Developments which has overseen the transformation of the former quarry into detached housing, townhouses and retail spaces.
It also recently gained approval for a 12-level apartment above Abbotsford's St Crispin House.
"The Melbourne city fringe continues to attract strong interest from investors, with a broad range of local and offshore bidders seeking quality development sites," Nick Bourke said.