Frankston

Pace Development Group has started 2022 with a foothold at the Mornington Peninsula&rsquo;s gateway, after the developer purchased a mixed-use site in the rapidly evolving City of Frankston for $16 million.

The 3274 sqm beachside site, located at 438-444 Nepean Hwy, was previously the location of Frankston Cinemas before becoming a vacant land parcel ripe for redevelopment.

Its current owner, a private Melbourne developer, had held the site for two years before negotiating its sale to Pace in an off-market deal.

Pace will plan around 200 apartments, with a high level of&nbsp;amenity, including an infinity pool overlooking the bay,&nbsp;and ground floor retail.

Shane Wilkinson, Managing Director of Pace Development Group, said he has had his sights set on development opportunities within the Bayside locale for some time.

&ldquo;I&rsquo;ve always had a clear mandate to be ahead of the curve when it comes to choosing up-and-coming locations across Melbourne, and offering purchasers a lifestyle in those areas that is synonymous with the Pace standard,&rdquo;&nbsp;Wilkinson said.

&ldquo;What makes this site particularly exciting is the magnificent backdrop of Port Philip Bay which will offer the majority of apartments uninterrupted water views.

&ldquo;We are currently working through early concepting of a U-shaped building that will allow the maximum number of apartments to enjoy panoramic views of the bay.

&ldquo;Our design brief emphasises Pace&rsquo;s commitment to developing buildings that are truly iconic and timeless in their architectural language.&rdquo;

Ashley Bramich, Sales and Marketing Director at Pace, said Frankston had already benefitted from strong price growth in the last year, yet its ability to cater to a discerning downsizer market has been capped until now.

&ldquo;Downsizers across the Peninsula have had very limited off-the-plan opportunities that come close to their expectations on quality and location,&rdquo;&nbsp;Bramich said.

&ldquo;With the Peninsula&rsquo;s extraordinary price growth of 20% being driven by younger sea-changers, empty-nesters couldn&rsquo;t be in a more advantageous position to sell their sprawling family properties and downsize.

&ldquo;Our vision is to create a project that meets the needs of Peninsula downsizers by focusing on larger two- and three-bedroom apartments and high-end facilities like an infinity pool looking out to a water aspect, and extensive health and wellbeing amenities.

&ldquo;Frankston offers the best of a Bayside and Peninsula lifestyle, yet being only 45 minutes from Melbourne&rsquo;s CBD allows for great connectivity for working commuters.

&ldquo;We believe the Frankston and Mornington Peninsula apartment market is limited from a planning perspective and significantly undervalued. Developments with water views in Sydney, Perth and Brisbane are all selling at significant premiums to what has been achieved in comparable locations in Melbourne.

The developer is currently in consultation with two architectural firms to refine its scheme, aiming to commence the planning process shortly in order to launch an early sales campaign in 2023

Pace will plan around 200 apartments, with a high level of amenity, including an infinity pool overlooking the bay, and ground floor retail.

Joel Robinson

Pace set for Frankston, Mornington Peninsula apartment development

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A historic Frankston residence set across a 1153 square metre holding has been sold. 
It was sold at an undisclosed price, having been listed with a $800,000 to $880,000 price guidance.
The house situated at<a href="https://www.realestate.com.au/sold/property-house-vic-frankston-129031254" target="_blank"> 2 Cricklewood Avenue, Frankston </a>comes with three bedrooms, open plan living/dining zone, lounge and study. 
It came with a silo that was used to store wheat 130 years ago.
The rooms are connected by a spiral staircase from a sailing ship that wrecked off the coast of Frankston.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/21/mount%20martha%202.jpg" alt="">
Other features include in-ground pool, stain glass windows, decorative woodwork and fireplace. 
It is within moments to Bayside Shopping Centre, Frankston Train Station and East Link.
The suburb's median house price sits at<a href="https://www.urban.com.au/expert-insights/finance/10484-frankston-vic" target="_blank"> $620,000</a>, according to CoreLogic
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/9/21/frankston%202.jpg" alt="">
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Historic Frankston residence with former wheat silo sold 

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Frankston (postcode 3199), an outer-southeastern suburb of Melbourne, figures in the top 10 most searched suburbs of Australia in 2015 compiled by rent.com.au.
The median rent for all rental properties advertised in Frankston in the 30 days till the first week of February was $300 per week, a 6.25% or $20 fall from the previous quarter. 
This was also cheaper than the median of $350 in the same 30 days for the surrounding suburbs of Seaford, Frankston South, Frankston North, Langwarrin and Langwarrin South. 
The price range for all properties advertised in the 30-day period varies from $140 for a one-bedroom dwelling to $450 for five or more bedrooms.
The average days on market for rental properties in Frankston within a 90-day period was 28 days, 10 shorter than the previous quarter.
There were 119 rental properties advertised in the 30 days, up 39 from the previous 30-day period.
There are a total of 5,353 rental properties in Frankston, which is 37.8 percent of all properties there, according to ABS data, 2011.
The overall property composition of Frankston is 84.5 percent houses and 15.5 percent apartments.
As an illustration of properties around the median rent, Property Observer picked these from rent.com.au:
<img src="/images/2016/03/31/Screen%20Shot%202016-03-31%20at%202.09.20%20PM.png" alt="">
1. A two-bedroom apartment at <a href="https://www.rent.com.au/property-house-frankston-3199-1146001" target="_blank">9/34 Birdwood Street</a> (above) is up for rent for $325 per week.
<img src="/images/2016/03/31/Screen%20Shot%202016-03-31%20at%202.13.29%20PM.png" alt="">
2. A two-bedroom unit at <a href="https://www.rent.com.au/property-unit-frankston-3199-1696600" target="_blank">4/11 Williams Street</a> (above) can be rented for $280 per week.
The ASX-listed Rent.com.au Ltd achieved a record 615,405 unique visitors to its website in January, followed by more than 610,000 unique visitors in February.
Landlords are able to list their property for free in a limited time offer on <a href="https://www.rent.com.au/" target="_blank">rent.com.au</a>.
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jonathanchancellor-7SQnKwU6yx

Melbourne’s Frankston median rent $50 cheaper than surrounds: Rent.com.au 

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Frankston's bathing box prices are on the rise.
One of the 30-odd foreshore boxes on Gould Strett, <a href="https://www.realestate.com.au/property-other-vic-frankston-122228534" target="_blank">Bathing Box 26</a>, is being offered for sale at $145,000.
The selling agent Robert Austin of LJ Hooker Seaford said the property would likely break the Frankston record.
Frankston's recent beach box sales include <a href="https://www.realestate.com.au/property-other-vic-frankston-119371491" target="_blank">Bathing Box 32 </a>which fetched $125,000 in March last year, and the Sunrise Rotary Club-built <a href="https://www.realestate.com.au/property-house-vic-frankston-116155691" target="_blank">Bathing Box 10</a> which sold for $114,500 in 2014.
Bathing box records have fallen in Portsea, McCrae, Dromana and then three times in Brighton over the past year. 
Frankston resident Bill Gardiner bought his box 30 years ago for just $3000.
Gould St’s beach boxes can only be owned by Frankston council ratepayers, similiar to the situation at Brighton’s Dendy Street beach.
MELBOURNE'S BEACH BOX BONANZA
Brighton: the record price for the Dendy Street beach foreshore has been broken three times this year, most recently with Bathing Box 44, which fetched $307,000 last month.
Dromana: Boatshed 145 set a new benchmark when sold for $306,800 in March.
Portsea: Boatshed 23 broke the Shelley Beach record, fetching $615,000 in November, but a subsequent prized offering failed to sell.
McCrae: a mystery racehorse owner paid a record price<a href="https://www.heraldsun.com.au/realestate/news/melbourne-vic/racing-identity-wins-bidding-race-for-beach-box-on-mccrae-foreshore-on-the-mornington-peninsula/news-story/4d66598d44c0cc6bd08bf14981ad00a4" target="_blank"> </a>of $239,000 for Boatshed 28 last October.
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jchancellor-FAypfDUnLy

Frankston bathing box prices on the rise

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A securely leased apartment block at Frankston in Melbourne's popular south-eastern bayside suburb has price expectation in the high $1 millions.
Available through Savills Australia, the <a href="https://www.realcommercial.com.au/property-retail-vic-frankston-502049122" target="_blank">Park Street property</a> sits directly opposite Beauty Park and is a short walk to shops, schools and public transport.
It comprises a two level residential building, with eight one bedroom units in good condition and undercover parking on a 788 sqm site.
Savills' agents Julian Heatherich and James Lockwood say that the property is fully leased, with the exception of one unit which has been refurbished.
It has a potential, fully leased, income of $80,920.
Julian said the property would suit investors and developers with multiple options to fully refurbish, value-add or redevelop.
"The property will appeal to both investors and developers looking to value-add or redevelop subject to council approval," he said. 
"It is currently fully let, with the exception of one unit due to refurbishment, with an excellent leasing history and is situated in a fantastic location within walking distance of all essential amenities."
James highlighted the properties key investment attributes.
<ul>
<li>The location in a bayside precinct within walking distance of the beach, transport and shops;</li>
<li>The secure lease profile;</li>
<li>The solid building in very good condition; </li>
<li>The generous 788 square metre site;</li>
<li>The exceptional add-value potential; and,</li>
<li>The potential for redevelopment (STCA).</li>
</ul>
"This is a great opportunity for an investor and/or developer with the option of either maintaining an investment with a proven income stream, or a value-add redevelopment with the advantage of ongoing income in the planning stages," James said.
"Properties of this calibre and versatility in bayside locations are highly sought after by tenants and investors alike." 
The property will be sold by Expressions of Interest closing, Tuesday, August 23 at 12pm.
 
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Bayside Frankston apartment block close to the beach for sale

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An Edna Walling inspired property in Frankston remains listed for sale. It was initially listed in May with $3.5 million to $4 million price guidance.
Located at <a href="https://www.realestate.com.au/property-house-vic-frankston-124190222" target="_blank">10-12 Somme Avenue</a>, the house combines 1920s architecture and modern designs. 
Sitting on 3,070 square metres of land, the four-bedroom, two-bathroom house comes with hydronic heating. 
The property is offered by Terry Sparks at T.J Sparks in Mount Eliza. It last sold in 1989 for $850,000 for 10 Somme Avenue and $330,000 for 12 Somme Avenue.
The median house price in Frankston is $440,000 according to <a href="https://www.urban.com.au/property-observer" target="_blank">CoreLogic RP Data</a>.
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Edna Walling inspired Frankston property still on the market

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Through 2016 there was substantial growth in property prices throughout Melbourne’s south eastern corridor and the trend is expected to continue into 2017, according to HTW's February 2017 update.
The valuation firm says that suburbs such as Seaford and Carrum saw median house prices grow 5.8% and 8.3% respectively in 2016, with Seaford’s median house price increasing an impressive 17.2% in the September 2016 quarter alone.
The area is popular with younger families and retired couples especially, due to its close proximity to the Frankston rail line, Frankston Freeway and Peninsula Link whilst also being well serviced with local amenities, shopping precincts, schools and beaches.
With the appeal of the region anticipated to continue, it is expected that property prices will also continue to rise well into 2017.
The adjoining suburb of Frankston North is also expected to continue its momentum into 2017.
The suburb was originally one of the largest housing commission precincts in Australia and many of the original brick veneer dwellings still exist.
Low median house prices and larger land sizes have made this area popular with first home buyers and even investors looking to demolish and subdivide, the report says.
"Whilst the suburb has struggled to shake its stigma as being a rough area, its popularity is certainly on the rise.
"Median house prices grew 8.8% in the September 2016 quarter and although the growth in Frankston North isn’t as substantial when compared to its neighbouring suburbs, it has been steady in the past and is expected to continue into 2017."
For $345,000 an investor can buy a house such as the one at <a href="https://www.realestate.com.au/property-house-vic-frankston+north-124443078" target="_blank">23 Hickory Crescent</a>, Frankston North (above) that is available from over $369,999.
Similarly a three bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-vic-frankston+north-124193338" target="_blank">1/9 Windoo Street</a>, Frankston North (below) was sold for $346,780.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/15/1_9%20Windoo%20Street.jpg" alt="">
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Frankston North an attractive and affordable property hotspot: HTW

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Tilba Tilba, the 1956 Chancellor &amp; Patrick-designed Frankston South residence has been sold for $3,057,000.
The sale was settled only recently through Nicholas Lynch.
Set on 1390 sqm at <a href="https://www.realestate.com.au/sold/property-house-vic-frankston+south-123704314" target="_blank">14 Gulls Way</a>, the home has views of the bay.
The home has been updated. It was gutted by fire in 1989, then restored in sympathy with the integrity of the original design.
 Each bedroom has oversized windows and doors allowing the water views to fill the home with light.
 The open plan living is graced with American oak floors and flanked by a masterful kitchen and a majestic Moorooduc stone fireplace.
Two alfresco dining zones allow for year-round outdoor living. 
The infinity pool was installed when the works were undertaken in 2010 with appointments appropriate for a home of historical significance.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/19/frank2.jpg" alt="">
Chancellor and Patrick was a Melbourne architecture firm, formed in 1953 by David Chancellor and Rex Patrick and dissolved in 1981, best known for their numerous houses designed in their signature dynamic, expressive take on organic architecture.
Gulls Way is a narrow street forming part of the subdivision of Yamala, the oldest mansion on Oliver’s Hill.
In the 1950s, the precinct became the site of an adventurous spate of Modernist architecture by local film, Chancellor &amp; Patrick.
One of the most unusual is 1 Gulls Way, which is David Chancellor’s own 1950 house.
Just across the road from David Chancellor’s family home was Polperro, the landmark Johnston House at <a href="https://www.realestate.com.au/sold/property-house-vic-frankston+south-112902131" target="_blank">6 Gulls Way</a>.
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Tilba Tilba, the 1950s Chancellor & Patrick-designed Frankston South home sold

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A mansion on the Mornington Peninsula that was home to the former governor of Victoria, Sir Dallas Brooks, has been listed for sale.
The sprawling Frankston home has seven bedrooms and three living areas.
Ray White Frankston agent Callum MacPherson advises the home is in need of renovation, but is also offering it as a development site given its planning permit for 15 three bedroom townhouses in place.
It is being offered in conjunction with Mick Whelan at McLennan Real Estate.
MacPherson calls it a "one-off property".
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/6/29/frank%202.jpg" alt="">
He has a guide of $2.45 million to $2,659,000 for the July 13 auction of the large 7,230 sqaure metre Crathie Court parcel.
The English-born Brooks was in the navy, serving at Gallipoli, before rising through the ranks.
Brooks, who died in 1966, succeeded Sir Winston Duncan as governor of Victoria in 1949.
He retired to Frankston as Victoria's longest-serving governor in 1963 with wife Muriel, who sold in 1973.
This article first appeared in The Weekend Australian. 
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Former Victorian governor's sprawling Frankston mansion with development approval listed 

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After roughly five years of consistent growth, house values in Melbourne’s suburb of Frankston have seen a substantial downturn over the past 12-months that has affected both houses and units.

With a median house value in 2009 of $300,000, houses reached their peak value in mid-2018 when the median value hit $620,000.

In the past twelve months the median price has dropped too $563,500, representing a 12-month fall of $56,500.

<img alt="" src="https://www.urban.com.au/images/2019/10/18/frankston%202.png">

Similarly, units have experienced a sharp drop in value since the middle of last year.

Peaking at a median of $440,000 in 2018, the value of units dropped to $402,000 representing a 12-month fall of $37,500.

Despite the recent downturn, the median value of units in 2009 was just $202,000.

<img alt="" src="https://www.urban.com.au/images/2019/10/18/frankston%201%20units.png">

The first formal land sale in the region was conducted on the 29 May, 1854.

The 500-metre Frankston Pier is a local landmark of the suburb. Originally built in 1857, it has been both extended as well as repaired a number of times over the years.

[smartcode_project:default project_id=22699]

To learn all you need to know about Frankston, from median asking rents to household composition, <a href="https://www.urban.com.au/news/10484-frankston-vic" target="_blank">click here</a>.

As a landlord it is important to check the asking rent trend regularly to ensure you are getting the most value out of your investment.
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