Mornington Peninsula

Pace Development Group has started 2022 with a foothold at the Mornington Peninsula&rsquo;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&nbsp;amenity, including an infinity pool overlooking the bay,&nbsp;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.

&ldquo;I&rsquo;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,&rdquo;&nbsp;Wilkinson said.

&ldquo;What makes this site particularly exciting is the magnificent backdrop of Port Philip Bay which will offer the majority of apartments uninterrupted water views.

&ldquo;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.

&ldquo;Our design brief emphasises Pace&rsquo;s commitment to developing buildings that are truly iconic and timeless in their architectural language.&rdquo;

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.

&ldquo;Downsizers across the Peninsula have had very limited off-the-plan opportunities that come close to their expectations on quality and location,&rdquo;&nbsp;Bramich said.

&ldquo;With the Peninsula&rsquo;s extraordinary price growth of 20% being driven by younger sea-changers, empty-nesters couldn&rsquo;t be in a more advantageous position to sell their sprawling family properties and downsize.

&ldquo;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.

&ldquo;Frankston offers the best of a Bayside and Peninsula lifestyle, yet being only 45 minutes from Melbourne&rsquo;s CBD allows for great connectivity for working commuters.

&ldquo;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

Pace will plan around 200 apartments, with a high level of amenity, including an infinity pool overlooking the bay, and ground floor retail.

Joel Robinson

Pace set for Frankston, Mornington Peninsula apartment development

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After 16 years heading Marshall White's Boroondara office, James Tostevin is opening an office in the Mornington Peninsula.
He'll be staying with Marshall White, opening Marshall White Mornington Peninsula, the real estate agency's sixth office.
The opening was delayed due to COVID-19.
The Marshall White veteran will be joined by former Lupton Ferguson agents Louise Lupton and Chelsey Gibson, and former Joel Hood Property agent Adrian Calcedo, who all join as directors.
Not joining the office is Tostevin's son Charlie. He'll be staying with Marshall White's Boroondara office.
James and the rest of the family relocated to Mt Eliza last year.
He is the group's top seller, and has been an Australia-wide Top 100 Agent for the past 15 years.
 
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James Tostevin opens Marshall White branch in Mornington Peninsula

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A local Melbourne investor has secured a sushi bar in the seaside town of Rye on the Mornington Peninsula in Victoria.
It fetched $1.565 million at auction.
The 194sq m retail property tenanted by Sushi Express at 2379 Point Nepean Road sold at a yield of 3.3 per cent.
CBRE negotiated the sale for a local family vendor.
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Rye sushi sells at 3.3 percent yield

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A caravan park in Rosebud in the Victorian holiday destination of Mornington Peninsula is on the market with expectations of more than $7 million.
The 110 Elizabeth Drive property spans 2.4 hectares and is zoned General Residential 1.
The site is close to beaches and golf clubs and has easy access to schools, public transport and shops.
According to Savills marketing agents, James Lockwood and Julian Heatherich, the property is suitable for a range of uses including aged care and townhouses and/or apartments subject to council approval.
"Rosebud has and will continue to experience steady growth in the residential market with the number of dwellings expected to increase by 15 per cent over the next 20 years, a rate which is 2.16 per cent higher than the forecast development of dwellings within the entire Mornington Peninsula Shire,’’ Lockwood said.
According to Forecast.id.com.au, the local population is forecast to grow by 13 per cent over the next 20 years.
The property will be sold with vacant possession via expressions of interest closing August 17.
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Mornington Peninsula caravan park expected to fetch above $7 million 

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Steeped in book publishing history, the Lane family's Somers beachfront estate on the Mornington Peninsula has been sold.
Around $3.3 million was secured through Jellis Craig agent Iain Carmichael in conjunction with Kay &amp; Burton who had passed in at April auction on a $3.4 million vendor bid.
The seven bedroom home was listed by Elizabeth Lane, research author and daughter of Penguin Books co-founder Richard Lane.
Originally purchased by the Lane family in the early 1980's, the family commissioned Young, Lehmann Architect to design their early 1990s house on the sand dune landscape amid David Wood landscaped gardens complete with tennis court.
Ms Lane has maintained thousands of Penguin books - with their bright orange spine - which she intends to gift to the University of Melbourne library. 
This article was first published in the Weekend Australian Mansion Australia property section.
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Somers beachfront steeped in book publishing history sells

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A Chinese consortium have proposed a water theme park, international hotel, boutique residences, indoor go-karting track, spa resort, hot springs centre, and prestige golf academy at the Moonah Links golf course on Melbourne's Mornington Peninsula.
The estimated cost could be as high as $600 million.
The owners — a consortium of Chinese and Chinese-Australian business people — have presented their plans to the Minister for Tourism and Major events, John Eren.
<a href="https://v.youku.com/v_show/id_XMTUzNjcxMjAxMg==.htm" target="_blank">A six minute Chinese video clip</a> describing the plans for the site is now online including a stingray-shaped hot springs centre as part of the plan.
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<img class="atom-imagecaption_img" src="https://cdn.newsapi.com.au/image/v1/1bdcbb8c991a99cc6680f48f6463d0ed?width=650" width="650" height="488">
The marketing video from Peninsula International Group describes Melbourne and the peninsula as dream destinations.
The championship golf venue Moonah Links, which boasts two courses and Peppers hotel, was sold last year to the consortium for about $18 million.
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Mornington's Moondah Links set for theme park transformation 

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Intrigue has surrounded the recent purchase known to be on the Mornington Peninsula by the decorated AFL legend Chris Judd and television presenter wife, Rebecca.
The location has been unspecified. It has now emerged as a two hectare holding at Main Ridge where they spent the $1,212,500.
Tucked along a quiet country road, not far from Arthurs Seat, the bush property comes with spring-fed dams with tall trees, ferns and natives. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2016/12/22/Arthurs%20Seat-2.jpg" alt="">
A long vine-clad verandah overlooks the low maintenance gardens with vegetable patch and an orchard. 
It sold after five months marketing through Tom Barr Smith at Kay &amp; Burton.
The couple - who have headed to the Sunshine Coast for pre-Christmas holidays - sold their redundant Prahran townhouse this month.
It sold three days after auction when there was a $2.05 million asking price after being passed in on a $1.9 million vendor bid. There were just the two interested parties, one relocating from Sydney and looking to buy the home complete with furniture, and the other a local investor. 
The former West Coast and Carlton midfielder bought it for $1.66 million in late 2007 after he moved from Perth.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2016/12/22/Arthurs%20Seat-3.jpg" alt="">
The four floor townhouse abode was a warehouse conversion undertaken in 2006 by Michelle Forsyth of Ethereal Design with skylit staircase and a dumb waiter from top to bottom.
The Judds have long moved into their rebuilt Brighton property which was purchased in 2010 for $2.1 million.
This article was first published in the Weekend Australian Mansion Australia property section.
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Chris and Bec Judd's Main Ridge, Mornington Peninsula retreat

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An iconic beach box at Mornington Peninsula remains for sale at $85,000 plus.
Located at <a href="https://www.realestate.com.au/property-residential+land-vic-mornington-201305317" target="_blank">34 Shire Hall</a> the property has enough space to store all the daily beach going necessities.
It has been professionally painted in the Australian flag colours.
It comes complete with skylight.
It is positioned just steps from the car park that leads to Shire Hall Beach and walking distance to Mornington’s Main Street.
Fish and chips and shops are just a stroll away to take back to the beach box and enjoy the view.
The property is offered by McEwing &amp; Partners agent Chelsey Gibson.
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Well-flagged iconic bathing box on Mornington Peninsula for sale

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The 63 hectare Morning Start Estate landholding on Victoria's Mornington Peninsula is up for sale for the second time in almost 30 years.
The property features a mansion built in 1867, restaurant, cellar door, wedding, function and conference facilities and a 20-room hotel with development plans for a 72-room hotel.
The gardens feature around 75,000 rose bushes, a 12ha vineyard of pinot, chardonnay and cabernet grapes, an orchard, olive grove and grazing pastures.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/01/23/700_morning2.jpg" alt="">
Mark Wizel, national director, CBRE  said it is incredibly rare for properties of this scale to be presented to the market.
“It’s hard to pinpoint who the likely buyer of this property could be given its broad ranging potential,” he said. 
“However, what we do know for certain is the very positive impact of the government investment into delivering Peninsula link and how this freeway has efficiently connected the peninsula with the city."
Morning Star Estate is being offered for sale through an expression of interest campaign with expectations above $30 million. 
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63 hectare Morning Star Estate listed for sale

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The Sorrento beachside estate, Nee Morna has been listed for sale for the second time in around 100 years.
CBRE has been appointed to sell the property at 3106 to 3118 Point Nepean Road.
It has been listed by the Lipe family headed by New York-based banker, Alex Lipe.
It comprises a 1909 mansion built in 1909 positioned on a clifftop landholding spanning 16,866sqm.
The property, which is expected to attract interest above $20 million, consists of four titles.
<img src="https://www.urban.com.au/images/2017/01/15/sorrento.jpeg" alt="">
CBRE's Mark Wizel has suggested in addition to residential, wider development opportunities such as an aged care facility, hospitality and/or some form of conferencing/business facility would also be logical outcomes for the property.
Offers close on Nee Morna Estate on February 28 with interested parties invited to acquire the whole of the estate or one or more of its individual lots.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/01/15/Nee_Morna_ForthcomingCL_06_02.jpg" alt="">
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