PACE

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Property developer Pace has purchased a development site in Hawthorn East.
They've paid $4,062,500 for the warehouse property at 9 Montrose Street which is currently the home of Crossfit Gym. It currently returns $75,000 per annum.
Despite being sold with plans for a nine level apartment building with 34 units designed by Rothelowman, Pace chief executive Shane Wilkinson says the development firm intend to turned the 475 sqm property in to a high-end boutique office building.
“The timing is right for us to take advantage of the record low commercial vacancy throughout the inner eastern suburbs,” Wilkinson said. 
“With the abundance of local amenity surrounding the property, we are confident that a new office project will be very well received by the market.” 
Savills Australia agents Clinton Baxter, Jesse Radisich, and Glenn Ye negotiated the deal with a yield of 1.8%.
It sold at $8,500 per sqm.
Baxter said market development sites had “roared back to life” over the last two months after a “period of stagnancy.” 
“With local and offshore developers snapping up sites and competing aggressively for prime real estate, clearly the looming shortfall in construction activity coupled with ongoing population growth is creating a perfect scenario for developers over the next 1-3 years.”
 
 
 
 
 
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Developer Pace snap up $4 million Hawthorn East site to create boutique office block

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Buyers unsurprisingly are still showing a keen interest in <a href="/developments/collingwood-vic-3066">Collingwood's apartment market</a>, as demonstrated by Pace of Collingwood's strong sales.

Pace Development Group's latest project notched the enviable figure of accounting for 50% of the building's apartments during its first week at sales. This in turn has prompted Pace to commence construction on the project immediately, with an eye toward completion during the last quarter of 2017.

At 75 Wellington Street, Pace of Collingwood will include 77 apartments within the SJB Architects-designed 9 level edifice. As a developer/builder Pace will oversee construction of the project, which joins 808 Sydney Road and Pace of Northcote as fellow current builds under the Pace banner.

<blockquote>
It’s very rare to see construction of a property development of this scale commence so soon after the launch. It’s one of the great benefits of having an in-house construction team and means we can confidently assure our purchasers on delivery timeframes.
<cite>Daryl Wilkinson: Pace Sales Manager</cite>
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/pace_coll.jpg" rel="gallery-all" title="Pace of Collingwood's rooftop terrace"><img alt="" class="image-article-full-width-580px" height="286" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/pace_coll.jpg?itok=QT2e9yFS" title="Pace of Collingwood's rooftop terrace" width="580"></a>

<figcaption>Pace of Collingwood's rooftop terrace</figcaption></figure>The strong sales result for Pace of Collingwood bodes well for the suburb's newly released Holme Apartments and the forthcoming release of <a href="/buildings/88-cambridge-88-cambridge-street-collingwood">88 Cambridge</a>.

With a number of projects freshly completed and no sign of buyer intent waning plus a relative dearth of projects at sales, prospective Collingwood apartment purchasers will be limited in what they can secure.

As a point of reference, Urban.com.au has in the past highlighted the surge in apartment sales and subsequent construction boom that has blanketed many parts of Collingwood. Since late 2014, well in excess of 1,000 apartments have been completed in the area.

As these projects have been completed, others have filled the void, but in doing so have fallen well short of the volume of apartments being offered relative to recent years.

So much so the fresh release of Holme Apartments for sale is the only new release that buyers can peruse in Collingwood. The imminent release of 88 Cambridge will add to available buyer stock, as the Centreland Property-backed project looks to add 93 apartments to the suburb.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image68_7.jpg" rel="gallery-all" title="88 Cambridge is due to launch"><img alt="" class="image-article-full-width-580px" height="345" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image68_7.jpg?itok=JynLrRvb" title="88 Cambridge is due to launch" width="580"></a>

<figcaption>88 Cambridge is due to launch</figcaption></figure>
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