Blackburn’s future tallest building it’s second-priciest
Blackburn’s tallest building has just changed hands for more than $23 million — the second-highest price ever recorded in the suburb.
And the 160 Whitehorse Rd development hasn’t even been built yet.
The sale marks a more than $5 million jump from the $18 million developer Blackburn Blossom Pty Ltd paid for the site in 2015.
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The Blackburn Place development was approved by VCAT earlier this year with four buildings, including two eight-storey tall apartment complexes.
The new owners, Pace Development Group, are expected to continue with the plans as they stand for 263 apartments.
CBRE Victorian development sites director Scott Orchard handled the sale and says the project represents a big change for the suburb.
“Blackburn is not traditionally recognised as an apartment market with only 360 apartments having been built in the suburb,” Orchard says.
His colleague Chao Zhang said the underbidder was a local with international backing from China and the sale had been well timed with the site attracting high demand due to its more affordable price tag compared to nearby Box Hill.
“There’s been so much growth over the last five years and since they bought it three years ago, Melbourne has just kept going up,” Chao says.
The mixed-use development will also feature 3663sqm of ground level commercial and retail spaces.
Whitehorse mayor Andrew Davenport confirmed earlier this year that the development would be the suburb’s tallest to date, and said council would work with those looking to build the gateway site for the suburb.
Pace Development Group is currently working on Pace of Doncaster, and has completed many new projects in inner-Melbourne suburbs.
Pace planning and design manager Michael Holah says they would consider turning one of the buildings into office space and would seek to include a supermarket in the development’s ground-floor retail spaces.
“We’ve had a good chat to council and there’c scope that one of the towers will be converted to office space,” Holah says.
“It’s a striking design as well and we are very attracted to it.”
The site is currently a carpark, but had in the past been used by Leader Newspapers and Lexus of Blackburn.
CoreLogic records show the highest price paid in Blackburn to date is $31.5 million paid for an industrial hub at 15-33 Alfred St late last year.
This article from the Herald Sun originally appeared as “Blackburn’s soon-to-be tallest building already its second priciest”.