This article is from the Australian Property Journal archive
PACE Development Group has secured a 1.06-hectare development site overlooking Flemington Racecourse from the Victoria Racing Club.
The 550 Epsom Road property is at the top of the 1,200 sqm straight, known as the Straight Six, and a Quest apartments complex.
It was rezoned last year to allow for a 300-apartment project of up to 15 storeys, and had undergone “vigorous community consultation to ensure the future development protects the existing character and historic significance of the site”.
The developer was announced as the preferred purchaser after a tender process that marked the VRC’s second attempt to sell off the land following an agreement with Greenland that broke down early last year. The VRC will hold onto a 3-hectare property behind the main grandstand that was part of its Greenland deal.
Late last year the Moonee Valley Racing Club confirmed a joint venture between super fund Hostplus and developer Hamton to deliver a $2 billion mixed-use project across nine of the 40 hectares owned on the Moonee Valley racecourse landholding, while Beck Property Group is overseeing a $1 billion mixed-use development next to Caulfield racecourse.
Shane Wilkinson, managing director of Pace Development Group, said the vision for the site would deliver a spectacular stage for future residents affront one of Melbourne’s most celebrated sporting arenas.
“The entire Pace team take very seriously the responsibility we have to honour the land’s racing heritage and are very proud to collaborate with the VRC to bring a new icon to the local Flemington community.”
The designs is expected to be released early this year and marketing to begin later in 2018.
Australian Property Journal
