Melbourne-based Pace Development Group will list its office building currently under construction in Collingwood, with expectations it could sell for around $30 million.
Pace, led by Shane Wilkinson, said the 51 Langridge Street project is due for practical completion before the end of the year.
The project was approved in April last year following a decision by the Victorian Civil and Administrative Decision to set aside Yarra City Council’s initial rejection of the development.
The 3,082sq m property sits around 1.5 kilometres from Melbourne CBD, which the private developer purchased in 2014 for $1.86 million.
Wilkinson said Pace has been developing in Collingwood and City of Yarra market for a number of years.
“[Pace] has seen Collingwood continue to strengthen as a diversified commercial, retail and domestic market,” Wilkinson said.
CBRE’s Scott Orchard, Josh Rutman, Mark Wizel and Lewis Tong are managing the Expressions of Interest campaign for the SJB designed 11-level project.
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The latest divestment follows the recent delivery of a nine-storey apartment building located over the road from 51 Langridge Street, comprising 79 apartments on the former Smith Family Head office site.
Earlier this month Pace picked up a 2,411sq m property on the corner of Johnston Street, Gore Street and Argyle Street in Fitzroy for $20 million, with plans in place for a mixed-use residential project on the site.
In Melbourne's east, Pace has plans for its 125-apartment mixed-use development at 160 Whitehorse Road in Blackburn. Pace purched the site with an existing permit for $23.85 million in 2018.
