Pace enjoy success after office to apartment pivot at Pace of Blackburn project
It was the third quarter of 2021 when the award-winning Melbourne developer, Pace Development Group, decided to convert their fourth building in their Pace of Blackburn development from office to residential.
The seven-level building, which became 90 apartments, is now over 70 per cent sold since launching mid last year in the midst of the rolling COVID lockdowns. The sales success follows sell outs of the first three buildings.
Pace's Sales and Marketing Director Ashley Bramich told Urban that it was a no brainer to pivot the fourth building from office to residential, given the demand the team were fielding from both first home buyers and downsizers.
"We've seen first home buyers drive back in to the market as the gap between both the apartment market and the housing market, and the off the plan apartment market and established apartment market, reaches record highs," Bramich said, adding that it's the other side of the coin for downsizers.
"Downsizers are in a position where they can sell their homes at a premium in the current market, move to a low maintenance, brand new apartment without diluting their lifestyle, and re-invest the rest of their sale in to super for retirement.
"In a suburb where the median house price is $1 million, both first home buyers and downsizers have found great value in the each type of apartment, with one-bedders starting from $410,000, two-bed apartment from $540,000 and the larger three-bedroom apartments from $780,000."
The majority of interest has come from those already within close proximity to Blackburn, around three kilometres, however Bramich suggests first home buyers have come from slightly further afield, due to how connected Blackburn is as an area to the rest of Melbourne.
Two of the four of buildings at Pace of Blackburn will start settling in the next few months, with the final two buildings expected to be completed toward the end of 2022.
There are limited opportunities left for buyers in the last building, with just 29 apartments left. The mixed-use nature of the precinct has been a major drawcard for buyers, with street-level retail expecting cafes and convenience stores. Foodworks will be the anchor supermarket, while AK Skin Clinic, Talons Nails, a japanese restaurant from the team at Oushou, and The Studio Beans café, have all been confirmed as tenants, with more announcements to come soon.
Designed in collaboration between Ascui and Co. Architects, interior designer Adele Bates and MDG Landscape Architects, Pace of Blackburn also features extensive resident amenity, including an 18 metre lap pool, a children's splash pool, a gym, library with a fireplace, and a bookable meeting space and a private dining room with a full chefs kitchen.
There will be a concierge service, with cold room storage for the safe keeping of groceries.