Pace purchased the 2,411 square metre location on the corner of Johnston St, Gore St and Argyle St in early August from a private owner for $20 million.
“With 27 years of development experience behind us and 100 projects successfully delivered in Melbourne, this latest acquisition supports our vision to see the north continue to grow and sustain Melbourne’s increasing population”, said Pace founder and managing director Shane Wilkinson.
Pace planning and development manager Michael Holah said the company has established the site’s potential for residential development, adding to a robust pipeline of projects for the company.
“The site purchased on Johnston St is just 4 kilometres from the CBD and is in one of the most well-connected locations in Melbourne with great public amenity and transport. We see great opportunity to deliver a mixed-use multi residential development to support the ongoing demand for inner-city housing”, said Michael.
Pace have since engaged SJB Architects to look at architectural possibilities for the site, which currently includes a sizeable retail space.
“In the early phases, Pace always works to ensure the proposed design is contextually fit, remains relevant for the local community and is done in collaboration with local council”, said Michael.
Pace is well-acquainted with Melbourne’s north, with a number of prominent projects completed in the area including Pace of Collingwood at 75 Wellington St, which settled earlier this year, Pace of Northcote at 5 Beavers Rd, 808 Sydney Rd in Brunswick and construction currently underway at Pace of Abbotsford at 247 Johnston St and 51 Langridge, a popular commercial space in Collingwood. Pace also has plans for a development at sites in Coburg and North Melbourne.
“Pace observes the way in which locals and residents experience our developments over the course of time” said Michael.
“This knowledge and experience inform Pace’s developmental direction and results in buildings which aid the liveability of suburbs”, he added.
Pace will submit its town planning permit application to Yarra City Council in November 2019.