Apartment, townhouse and office developer Pace has headed into Melbourne’s outer bayside suburbs for its latest residential project, after securing the old cinema site in Frankston from another developer for $16 million.

The 3274 sq m site at 438-444 Nepean Highway lies at the gateway to Victoria’s Mornington Peninsula and is about an hour’s drive from the Melbourne city centre. The wealthy peninsula enclaves of Portsea and Sorrento are about an hour to the south.