Melbourne’s much-loved Albert Park may soon be ringed by apartment developments, after Pace Development Group’s purchase of a six-level St Kilda office building.
The 181 Fitzroy Street office at the southern tip of the park was bought by the residential developer this week for $17.15million in a deal negotiated by CBRE’s Kiran Pillai and Mark Coster, and Jones Lang LaSalle’s James Kaufman and Steven Messina.
Pace intends to redevelop the large glass and concrete building into exclusive St Kilda apartments with sweeping northerly views towards the CBD.
The site has potential for a 10- to 12-level building.
Residential development of Albert Park has almost been fully exploited along its eastern edge where multiple apartments in Queens Road have been completed over the previous three decades. To the north and west are low-lying residential areas.
The building, opposite Junction Oval, was owned and occupied as the headquarters of the Australian Institute of Management for the past 20 years.
“We felt the time was right to relocate to improved premises in the CBD where many of our members and clients are based,” AIM chairman Geoff Fary said.
Please return here to post your comment: