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A Melbourne developer has snapped up a former basalt stone quarry. Image courtesy: Pace Group.
A Melbourne developer has snapped up a former basalt stone quarry. Image courtesy: Pace Group.

Former quarry added to Melbourne’s residential portfolio

An idle quarry will be the site of a new housing development after it was recently sold to a Melbourne developer.

The Star Weekly reported on 21 August that Melbourne-based developer Pace Group bought the Duke Street basalt stone quarry adjacent to Melbourne’s Maribyrnong River for $34 million.

The property is located 12km west of the Melbourne CBD in Sunshine North and will be turned into a medium density townhouse development and a retail precinct, as part of stages four and five of a river estate devised by Bendigo developer YourLand Developments.

According to the quarry’s previous development plan, the site consists of 129 hectares that has been ‘extensively quarried’.

Pace Group director Shane Wilkinson said the purchase came three years after the developer began looking to purchase property in the city of Brimbank – which incorporates Sunshine North – and was a great opportunity to develop ‘activated, community focused housing’.

“The company has traditionally focused on medium density apartment projects in inner urban suburbs around Melbourne, [and] we have been looking for a suitable site for the past three years to execute this strategy,” Wilkinson said.

“The acquisition signals an exciting new vision for Pace.”

A Pace spokesperson echoed similar sentiments, adding the townhouses would be “affordable but well considered” and marketed primarily to first and second home owners. Construction is anticipated to begin in mid-2018.

As previously reported by Quarry, there have been a few idle quarries snapped up by developers in recent years.

For example, the Lilydale Plan Cave quarry, which had been producing quick lime, hydrated lime and other associated products for 135 years, was sold to Melbourne developer Intrapac Property for approximately $40 million in 2016.

In addition, a former bluestone quarry in Orange, NSW is to be transformed into a gated 16-house residential community named Bluestone Lake, expected to be complete by the end of 2018.

Quarry contacted Pace representatives for further comment about the project but had not received a response at time of publication.

More reading
Former quarry given new luxury address
Developer to transform former quarry into housing

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Tuesday, 22 October, 2019 8:06am
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