When developer Pace completed a two-tower unit development in Melbourne in September, it had still 72 of 313 apartments unsold.
The problem for the privately owned developer was that the apartments it was selling in inner-northern Coburg cost more – up to $50,000 more – than existing apartments in the same Pentridge Prison urban regeneration precinct, Pace managing director Shane Wilkinson said.
Loading...
Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
