This article is from the Australian Property Journal archive
MELBOURNE-based Pace Development Group has pipped a Chinese bidder to acquire the Blackburn Place apartment project site in Balwyn for $23.85 million.
CBRE’s Scott Orchard, Chao Zhang and David Minty sold the 8,767 sqm, Commercial 1-zoned site at 160 Whitehorse Road in the inner eastern suburb following an expressions of interest campaign.
Blackburn Place is valued at $150 million and will comprise 263 apartments and 3,663 sqm of ground-level commercial and retail space across four separate towers.
“This is a landmark sale for Melbourne’s property market, being the largest permitted suburban apartment project sold in 2018,” Orchard said. “Blackburn is not traditionally recognised as an apartment market, with only 360 apartments having been built in the suburb, however with continual pressures on housing affordability and a median house price nearing $1.5 million, the Pace group saw an opportunity to capitalise on growing demand here.”
Pace managing director, Shane Wilkinson said the group is extremely pleased with the acquisition “given our confidence in the medium to long-term outlook for Melbourne’s residential markets”.
“We also have a specific appreciation for the eastern suburban markets, with retail solutions and residential pre-sale success experienced at ‘Pace of Doncaster East’ in Jackson Court, which was acquired from CBRE in 2016,” he said.
The nearby suburban apartment pre-sales market includes active projects such as Golden Age’s ‘Sky Garden’ project in Glen Waverley and nearby Box Hill projects ‘East Central Tower’ and ‘Panorama Box Hill’.
Zhang said Asian developers who are active in Box Hill took great interest in the Blackburn Place property, recognising the future growth and value proposition of Blackburn, being only 3 kilometres away.
Australian Property Journal
