Multi-Use Development Case Study
Redefined coastal living
Solene Frankston, delivered by award-winning Pace Development Group, represents a pivotal moment in Frankston’s city centre evolution.
Rising 14 storeys high on the Nepean Highway, at the long-vacant former cinema site, the $91 million private development will introduce a refined mixed-use development that blends contemporary design with lifestyle-led amenities.
Set against panoramic bay views, the project delivers 144 thoughtfully designed apartments alongside activated ground-level retail and hospitality spaces, and a dedicated wellness centre and gym, helping transform one of Frankston City’s most visible gateway sites. Solene has been designed to meet the expectations of a growing metropolitan market seeking lifestyle, connectivity and quality.
Solene enters a market demonstrating a strong appetite for premium coastal apartment living, low-maintenance residences close to retail and hospitality, and waterfront-adjacent locations within metropolitan Melbourne. The broader Nepean Highway corridor has already seen record sales performance from projects delivered by Urban DC, including Harbour Frankston, reinforcing demand and signalling Frankston City’s maturation as an apartment market.
Construction has commenced, with completion expected by 2030.
Housing Case Study
A city designed to be built
When Horizon Frankston launched, it marked a turning point for residential development in Frankston City. Delivered by Urban DC, Horizon rose on Plowman Place at a time when Frankston’s city centre was beginning to re-introduce itself as a place to live, not just visit. The vision was to create a premium residential apartment building that spoke to locals who loved Frankston but were ready for a new way of living.
Horizon quickly became known as Victoria’s fastest selling residential development in 2023, selling out within a year, with strong off-the-plan sales driven largely by local buyers. Many were downsizers and long-term residents choosing to stay in Frankston while trading a traditional home for modern apartment living close to the beach, city centre, and public transport.
The development delivered around 70 high quality apartments, representing an investment of approximately $82 million. Horizon showed that there was a genuine appetite for well-designed, higher-end city living in Frankston, and the market was ready to support it.
The success helped shift perceptions about Frankston City. Horizon became a proof point for developers, investors and planners, demonstrating that premium residential projects could be delivered and welcomed in Frankston’s Metropolitan Activity Centre. It also helped pave the way for the next wave of residential and mixed-use projects now shaping the city centre.
Since Horizon’s completion, other residential projects have progressed through planning, approval, and construction stages. Together, these projects represent hundreds of new homes and hundreds of millions of dollars in private investment, reinforcing momentum within the Frankston Metropolitan Activity Centre. The city centre is well positioned to accommodate further residential growth that supports a more active, connected and liveable urban area.
Development pipeline overview
As of January 2026, the city centre and surrounding precincts account for around 980 new apartments across projects that are completed, under construction, approved or lodged. Since Horizon Frankston was completed, seven approved mixed-use developments in the city centre now total $600 million in private investment, signalling strong market confidence and growing demand for city centre living close to public transport, services, and the waterfront.
Frankston City was ranked amongst the strongest real estate growth markets in Victoria, with increasing interstate investor interest (Hotspotting.com.au Price Predictor Index 2025). Local real estate agents are seeing more Sydney-based investors bidding on property in Frankston City for the enviable beach location, easy commuter access to Melbourne, and first-class primary, secondary, and tertiary education.
Majority of projects are concentrated within the Frankston Metropolitan Activity Centre, aligning with long-term planning direction and reinforcing the role of the city centre as a focus for growth. Projects span across residential and mixed-use buildings, with several incorporating ground-floor retail, office, or commercial use.
The scale and diversity of this pipeline, across multiple developers and sites, is contributing to a more active city centre, supporting local businesses, and strengthening demand for services.
Industrial Case Study
Investors Double Down on Frankston’s Commercial Market
Significant private capital is flowing into Frankston City, with more than $24 million in recent investment across two key commercial precincts - reinforcing strong market confidence and delivering major uplift in retail and industrial assets.
With substantial value creation underway and further precinct planning in the pipeline, Frankston City continues to demonstrate compelling fundamentals for commercial investment.
Karingal Village Redevelopment
- $5 million private investment
- 12 new commercial tenancies
- Retail, fresh food, dining and entertainment
- Early learning centre
- Undercover parking
- Council-supported tenant attraction
Compass Business Park, Seaford
- 6.65-hectare mixed-use commercial and industrial site
- $19 million purchase price
- Estimated $86 million end value
- Construction nearing completion
Karingal Village Transformation
Nivad Property Group has committed $5 million to a two-stage redevelopment of the Karingal Village shopping strip, delivering 12 new commercial spaces designed to revitalise the precinct and strengthen its role as a community hub.
The project will introduce:
- Modern retail and fresh food tenancies
- Dining and entertainment offerings
- An early learning centre to drive daily visitation
- Improved parking and customer accessibility
Frankston City Council’s Economic Development and Investment Attraction teams are actively supporting the project by assisting with tenant sourcing, accelerating activation and reducing leasing risk.
Industrial Growth: Compass Business Park, Seaford
In Seaford’s tightly held industrial market, Brix Property Group and Costa Asset Management are nearing completion of Compass Business Park, a premium 6.65-hectare mixed-use commercial and industrial development.
With a $19 million acquisition price and an estimated end value of $86 million, the project demonstrates substantial value uplift and strong industrial demand in Melbourne’s south-east growth corridor.
Strategically located in Seaford, the development responds to increasing demand for well-located, high-quality industrial and commercial assets within established infrastructure networks.
Kananook Industrial Precinct
The next major opportunity lies within the Master Plan for Kananook Reserve, which includes a bold vision to revitalise the Kananook Industrial Precinct, drawing inspiration from the successful transformation of Morris Moor.
Kananook Reserve has already secured $85 million in combined Federal, State and local government funding for a multi-purpose stadium redevelopment and a new commuter car park, laying critical infrastructure foundations to unlock further private-sector activation. Public investment is strategically positioning Kananook as the next major commercial and industrial evolution within Frankston City.
With multiple precincts in transition and strong investment performance already being realised, now is the time to explore commercial development and acquisition opportunities in Frankston City.
Connect with Council’s Investment Attraction team to discuss current sites, strategic precincts and emerging opportunities.
Contact Council’s Investment Attraction team
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