Latest news with #PaceDevelopmentGroup
Herald Sun
04-07-2025
- Business
- Herald Sun
Planning minister approves 11-storey tower at ex-ABC Elsternwick site
Elsternwick is set for a huge new, 11-storey tower after the Victorian government fast-tracked a $150m development of a former ABC complex that hosted iconic TV show Countdown. Planning Minister Sonya Kilkenny has approved the controversial plan including 148 homes retail and office spaces, and 400-plus car parks atop a new Woolworths supermarket at the ex-ABC site, under the state's Development Facilitation Program. It aims to streamline the planning process for projects that will increase Victoria's pipeline of residences. RELATED: National Housing Accord up to 60,000 new homes short in first year Dan Andrews' 'ghost' home legacy revealed as apartment towers stall Iconic Melbourne pool site could sell for up to $3m The development at 10-16 Selwyn St is located within the state government's future Activity Centre designated for the Elsternwick train station and tram zone, one of 50 earmarked for increased housing density across Melbourne. While community consultation is yet to happen for the Elsternwick area, some of the other activity zones are expected to potentially have buildings of up to 15 to 20 levels constructed. Previous plans for the Selwyn St site had also been set to add soaring towers, but prompted significant community backlash and didn't proceed. Records show the ABC sold the address for about $51.7m in 2017, after using it for recordings of Shaun Micallef's Mad as Hell and The Weekly with Charlie Pickering. Countdown, a show hosted by music and TV industry legend Molly Meldrum in the 1970s and 1980s, was also sometimes filmed at the studio, warehouse and office site in addition to another nearby ex-ABC studio on Gordon St. In 2019, a group of residents held multiple protests against an earlier proposal to build two towers at the Selwyn St location amid overdevelopment fears. The newest plan features a mix of one, two and three-bedroom residences, with 10 per cent of the homes to be designated as affordable. A section of the development is set to become a community hub as part of Selwyn St's Jewish Arts Quarter. Planning documents prepared on behalf of Pace Development Group – who are developing the site on behalf of Woolworths – state that the hub will include a function space, museum and library. In addition to the studios, a heritage-listed former fire station on the site will be restored and repurposed as a BWS liquor store after Heritage Victoria green lit the suggestion. The development is close to the Elsternwick train station and other public transport. The planning documents state that the development is located in area where existing building heights range from one to 11 storeys. More than 4950 new homes have been fast-tracked through the Development Facilitation Program since September 2023. 'Victorians are telling us they want more homes in well-connected areas – and this project will deliver almost 150 homes right in the heart of Elsternwick, close to the train station, tram and bus stops,' Ms Kilkenny said. A local business operator, who asked not to be named, said although many residents were against too much development in the beachside suburb, there was a need for more density in Melbourne to help combat the housing crisis — and it should have been made taller. 'If Australia is genuine about solving the housing crisis, they will have to put up with density,' they said. 'And if ever there was a perfect site for density, it's this one.' Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Matthew Dellavedova sells bayside home after Melbourne exit Toorak: $30m+ health-boosting mansion sold to overseas-based buyer $36m blow to super fund-backed ISPT could hit Aussie retirements
Sydney Morning Herald
11-05-2025
- Business
- Sydney Morning Herald
Paul wasn't ready to downsize. Until he found the perfect next move
The desire to downsize felt a long way off for Paul and Susie Burgess – until they spotted a luxury, oversized three-bedroom apartment for sale off the plan in the Sydney suburb of Cronulla. They'd intended to search for an investment property to buy, but when they saw what the apartment might look like upon completion next year, they now think it could be the perfect next move for themselves. 'We recognise, at some point, we'll need to downsize,' says Paul, 62, who, with Suzie, 57, bought the apartment for about $3.2 million in the VUE building. 'This was initially an investment, but it's become a legitimate downsizing opportunity for us. 'It looks so good. You have to go for these when they come up as there's not an awful lot of large, luxury apartments around that would be suitable, especially when you're moving out of a really lovely house. You don't want a shift to be a downgrade.' But there is a painful shortage of quality downsizer apartment stock across Australia, just as demand soars. In the country's biggest market, Sydney, 2021 census results show that less than 16 per cent of the new apartment supply had three or more bedrooms, compared to 60 per cent with two bedrooms. This contrasts sharply with houses, where those with three or more account for 90.2 per cent nationally. No wonder downsizing can feel like a downgrade. Loading According to Will Mitchell, the sales and marketing director of the Melbourne-based Pace Development Group, a primary reason for the scarcity is that it's hard to design bigger apartments with luxury finishes and still make the figures add up. 'The real challenge is that downsizers are moving into their final forever homes, and they're wanting everything – somewhere sophisticated and good quality that they can lock up and leave, with proximity to amenities and often with an outlook too,' Mitchell says. He says he's fielding strong downsizer demand for under-construction projects in Melbourne, such as The Archer in Flemington and Fabbrica in Fitzroy. 'The properties have to tick all their boxes,' he says, 'so you have to find the right sites and go through all the red tape to create something special and bespoke that they're willing to pay for. They really want to enjoy those years.'
The Age
11-05-2025
- Business
- The Age
Paul wasn't ready to downsize. Until he found the perfect next move
The desire to downsize felt a long way off for Paul and Susie Burgess – until they spotted a luxury, oversized three-bedroom apartment for sale off the plan in the Sydney suburb of Cronulla. They'd intended to search for an investment property to buy, but when they saw what the apartment might look like upon completion next year, they now think it could be the perfect next move for themselves. 'We recognise, at some point, we'll need to downsize,' says Paul, 62, who, with Suzie, 57, bought the apartment for about $3.2 million in the VUE building. 'This was initially an investment, but it's become a legitimate downsizing opportunity for us. 'It looks so good. You have to go for these when they come up as there's not an awful lot of large, luxury apartments around that would be suitable, especially when you're moving out of a really lovely house. You don't want a shift to be a downgrade.' But there is a painful shortage of quality downsizer apartment stock across Australia, just as demand soars. In the country's biggest market, Sydney, 2021 census results show that less than 16 per cent of the new apartment supply had three or more bedrooms, compared to 60 per cent with two bedrooms. This contrasts sharply with houses, where those with three or more account for 90.2 per cent nationally. No wonder downsizing can feel like a downgrade. Loading According to Will Mitchell, the sales and marketing director of the Melbourne-based Pace Development Group, a primary reason for the scarcity is that it's hard to design bigger apartments with luxury finishes and still make the figures add up. 'The real challenge is that downsizers are moving into their final forever homes, and they're wanting everything – somewhere sophisticated and good quality that they can lock up and leave, with proximity to amenities and often with an outlook too,' Mitchell says. He says he's fielding strong downsizer demand for under-construction projects in Melbourne, such as The Archer in Flemington and Fabbrica in Fitzroy. 'The properties have to tick all their boxes,' he says, 'so you have to find the right sites and go through all the red tape to create something special and bespoke that they're willing to pay for. They really want to enjoy those years.'
