Outpriced first home buyers turning to new apartments

Pace Development Group has paid $11,250,000 for a 2,653sqm parcel at 251-265 Lygon Street Brunswick East, being the largest remaining single owner land holding on Lygon Street.

Pace acquired the site – home to a row of old shops and warehouses – from long time owner Killara Meadows. Subject to planning approval, Pace hopes to develop about 80 apartments as well as retail and hospitality offerings on the site with an end value of more than $70 million.