Pace set for Frankston, Mornington Peninsula apartment development
Pace Development Group has started 2022 with a foothold at the Mornington Peninsula’s gateway, after the developer purchased a mixed-use site in the rapidly evolving City of Frankston for $16 million.
The 3274 sqm beachside site, located at 438-444 Nepean Hwy, was previously the location of Frankston Cinemas before becoming a vacant land parcel ripe for redevelopment.
Its current owner, a private Melbourne developer, had held the site for two years before negotiating its sale to Pace in an off-market deal.
Pace will plan around 200 apartments, with a high level of amenity, including an infinity pool overlooking the bay, and ground floor retail.
Shane Wilkinson, Managing Director of Pace Development Group, said he has had his sights set on development opportunities within the Bayside locale for some time.
“I’ve always had a clear mandate to be ahead of the curve when it comes to choosing up-and-coming locations across Melbourne, and offering purchasers a lifestyle in those areas that is synonymous with the Pace standard,” Wilkinson said.
“What makes this site particularly exciting is the magnificent backdrop of Port Philip Bay which will offer the majority of apartments uninterrupted water views.
“We are currently working through early concepting of a U-shaped building that will allow the maximum number of apartments to enjoy panoramic views of the bay.
“Our design brief emphasises Pace’s commitment to developing buildings that are truly iconic and timeless in their architectural language.”
Ashley Bramich, Sales and Marketing Director at Pace, said Frankston had already benefitted from strong price growth in the last year, yet its ability to cater to a discerning downsizer market has been capped until now.
“Downsizers across the Peninsula have had very limited off-the-plan opportunities that come close to their expectations on quality and location,” Bramich said.
“With the Peninsula’s extraordinary price growth of 20% being driven by younger sea-changers, empty-nesters couldn’t be in a more advantageous position to sell their sprawling family properties and downsize.
“Our vision is to create a project that meets the needs of Peninsula downsizers by focusing on larger two- and three-bedroom apartments and high-end facilities like an infinity pool looking out to a water aspect, and extensive health and wellbeing amenities.
“Frankston offers the best of a Bayside and Peninsula lifestyle, yet being only 45 minutes from Melbourne’s CBD allows for great connectivity for working commuters.
“We believe the Frankston and Mornington Peninsula apartment market is limited from a planning perspective and significantly undervalued. Developments with water views in Sydney, Perth and Brisbane are all selling at significant premiums to what has been achieved in comparable locations in Melbourne.
The developer is currently in consultation with two architectural firms to refine its scheme, aiming to commence the planning process shortly in order to launch an early sales campaign in 2023