Pace Development Group Buys Sunshine North Townhouse SiteArticle Originally Published On Sydney Morning Herald - Published August 2017
Melbourne-based developer Pace Group has dug deep to purchase a former quarry site in Sunshine North for $34 million.
The 20-hectare former basalt quarry on Duke Street makes up stages four and five of the River Valley Estate project that Pace will develop into townhouses.
The site was offloaded by Bendigo-based YourLand Developments, which has overseen the transformation of the former quarry into detached housing, townhouses and retail spaces.
Pace has multiple apartment projects on the go in Melbourne's inner and middle suburbs.
The group recently gained approval for a 12-level apartment above Abbotsford's St Crispin House.
Director Shane Wilkinson said the Sunshine project would deliver townhouses on the Maribyrnong River's edge and was an opportunity to develop activated, community focused housing that would add amenity to the suburb.
CBRE agent Julian White, who transacted the site with colleagues Mark Wizel, Nathan Mufale and Lewis Tong, said developers had shifted their focus to suburban projects.
Newly minted planning restrictions in central Melbourne and a lack of available development sites were driving the change, he said.
The city's west has seen a boom in developments and values over the past five years.
"The area's revitalisation and forecast population growth of 9 per cent over the next 15 years have been key market drivers," Mr White said.
Other major townhouse development sites to have changed hands this year include 2-32 King William Street in Broadmeadows, which was sold by a syndicate for $11 million to Rendition Homes.
Stockland made a large western suburbs play when it bought 2A Beachley Street in Braybrook for $62 million and Hong Sei International paid the Australian Road Research Board $25.888 million for a plot at 500 Burwood Highway in Vermont South.