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Pace Celebrate 2016 Success With 181 Settlement

Eco Voice - Published December 2016

Builder Developer, PACE Development Group, are capping off the company’s most successful year to date with the settlement of their flagship 181 Fitzroy Street

Positioned directly opposite the Junction Oval, with sweeping views across Albert Park Lake parkland down to Port Philip Bay and across to Melbourne’s CBD cityscape, 181 Fitzroy Street is PACE’s 26h major residential development in the Bayside area alone.

Standing ten storeys tall and incorporating 151 spacious apartments, 181 will be a perfectly balanced mix of large scaled one, two and three bedroom residences.

The project, designed by lauded contemporary architects SJB, which boasts an average energy rating of 7.2, also represents the first residential property in Australia where a property developer and energy company (Origin Energy) have partnered to provide an integrated energy solution featuring solar, an EV charger and a communal PHEV (plug in hybrid vehicle) for residential use.

The partnership will see residents benefit from communal solar panels that will generate the power equivalent to 50% of the common lighting usage, and will be used to provide power for the common areas during the day – including contributing to any daytime energy used to charge the PHEV.

Shane Wilkinson, Managing Director of PACE Development Group says the successful settlement of the project demonstrates that local demand is still strong for quality product:

“The settlement of 181 Fitzroy, which was sold primarily to the local market (83.5%), marks the end of PACE’s most successful year to date.

Despite murmurings of a downturn in the market, 2016 has been incredibly successful year for PACE with 86 at Archer settled in May, 48 settled at George Windsor in
October, 86 at Brunswick sold-out in 7 months, Northcote 75% sold in 4 months, Doncaster East selling well and now the completion of 151 luxury apartments at 181
Fitzroy Street, St Kilda.

We believe this is testament to the idea that if you build a high quality, well-priced product in a good location, demand is still strong.”

For 181, the immaculate architectural work of SBJ is complimented by the expert hand of interior designer, Sue Carr whose impeccable eye has touched upon every internal element at 181 Fitzroy Street, bringing a level of refinement to the project, reminiscent of the finest contemporary European hotels.

Having undergone an extremely smooth settlement and valuations process, with 95% of apartments valued at or above purchase price, the settlement of the project marks an appropriate end to 2016 for PACE and aptly sets the tone for what is expected to be an even stronger 2017.

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