Joint venture partners Third.i and Phoenix Property Investors are preparing to launch Balfour Place, a new residential development in North Sydney’s Lindfield.
In conjunction with Coles Group, the mixed-use development will be built on the existing Coles Lindfield supermarket.
The $180 million project, which will be marketed by CBRE Residential Projects, adds to Third.i’s growing portfolio of developments, which include the Dairy Farmers Towers in Newcastle. Their $2.5 billion pipeline also includes projects in London.
Local buyers have shown interest ahead of its launch next month, with demand increasing for larger apartments in Sydney’s lower north shore.
Balfour Place will comprise a collection of one, two, three and four-bedroom apartments with private courtyards and rooftop gardens, to be built on top of a brand-new large format Coles supermarket, Liqourland, and heritage commercial space fronting the Pacific Highway and overlooking the Blue Mountains.
Luke Berry, Director of Sales and Marketing and Co-Founder of Third.i, said that his company and PPI were thrilled to be working alongside Coles Group community stakeholders to launch the project in the coming months.
“When Third.i Group began working with Coles Group, we immediately highlighted there was an opportunity to improve the residential elements of development application, so in a partnership with and award-winning architects Rothelowman, we re-imagined the apartment layouts and created a mix of larger apartments, perfect for the down-sizer and young families we see as the likely purchasers of our apartments and we couldn’t be happier to finally launch this project to the market next month,” Berry said.
“With Balfour Place, you will have everything you need at your doorstep. To be just a lift ride away from fresh food and produce, a barista brewed coffee and your favourite bottle of wine is the epitome of apartment living and that’s exactly what we will be delivering with this project.”
The DA approved site, which spans over 7091 sqm, is set to start the second stage of construction in the first quarter of 2022.
CBRE’s Ben Stewart said that the proximity and convenience offered at the project is one of the top selling points for the project.
“The latest offering by Third.i and PPI has it all in terms of proximity to a train station and quality schools, as well as being positioned in a highly coveted north shore suburb where new apartment developments are scarce, particularly for down-sizers,” Stewart said.
“Our market research has indicated that demand for high-end living and conveniently located new apartments in the area is solid, with almost all initial inquiries coming from local residents.”
“We haven’t seen anything like this on the market for a while and I anticipate the level of liveability coupled with the convenience of essential goods and services at your doorstep will really resonate with our buyers and product on the market won’t last for long.”