This article is from the Australian Property Journal archive
PACE Development is considering a mixed use residential project for a 2,434 sqm corner site in Melbourne’s inner suburb of Fitzroy that it has just picked up for $20 million.
Benjamin Klein and Michael Gross of Gross Waddell marketed the property, which takes in seven titles and is on the corner of Johnston St, Gore St and Argyle St, on behalf of a private family that is also selling a warehouse and office property in the suburb at 371-373 George St.
The newly sold property has traded for the first time in over 50 years. It has commercial 1 zoning and leases to My Pet Warehouse and furniture maker Mark Tuckey that both run until 2024 and return a total annual rental of nearly $533,000.
The smaller George St site has a 483 sqm building with a short term lease and remains for sale, after going to auction earlier in the year with hopes of about $3.5 million.
