Leading Sydney property development firm Third.i Group and joint venture partner Pheonix Property Investors (PPI) have joined forces with Coles Group to create Balfour Place. This soon-to-be-released luxury, mixed-use development will span more than 7,000sqm and will be built on the existing Coles supermarket site in Lindfield, Sydney.
Balfour Place marks the fourth joint venture between Third.i Group and PPI. The current DA approval of 7,091sqm of land allows for the creation of luxury residential apartments with private courtyards and rooftop gardens to be built atop the brand-new large-format Coles supermarket, Liquorland, cafe, and a heritage commercial space fronting the Pacific Highway.
Luke Berry, Director and Co-Founder of Third.i Group says, “When Third.i Group started working with Coles, we quickly identified there was an opportunity to improve the residential elements of the DA. With the support of Coles and award-winning architects Rothelowman, we re-imagined the apartment layouts and created a mix of larger apartments – perfect for the downsizers and young families we see as the likely purchasers of our apartments.” Third.i Group’s proposal is to reduce the number of apartments from 70 to 62 to offer more space to residents and deliver less impact on neighbours and the community.
“It’s fair to say that regardless of if you’re a downsizer or first home buyer, you will have everything you need at your doorstep – almost like having a private providore, barista, and wine sommelier to call on.”
“To be just a lift ride away from fresh food and produce, a barista brewed coffee and your favourite bottle of vino in our opinion is ‘perfection’ in apartment living and that’s exactly what we will be delivering at Balfour Place.”
Luke Berry, Third.i Group
CBRE has been appointed as the lead agent to market the development and Sales Director Ben Stewart said that exceptional convenience will underpin Balfour Place residences, with location amongst its strongest selling points.
“The latest offering by Third.i Group 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 downsizers,” he explains.
Ben comments, “Our market research has indicated that demand for high-end, conveniently located new apartments in the area is strong, with almost all initial enquiries coming from local residents. Further to this, studies show that ‘shop top’ developments like Balfour Place achieve an average 16% premium on prices compared to suburb averages so we see this project offering a similar dynamic to purchasers that secure an apartment early in the launch.
Third.i Group is currently finalising the modifications to the current DA and plan to submit to the council in early October. The team is aiming to start the second stage of construction in the first quarter of 2022. Stage 1 of construction has already commenced with Coles Group managing the realignment of Balfour Lane at the rear of the proposed site before handing over the delivery of the mixed-use development to Third.i Group.
Trent Winduss, Director and Head of Australian Investments at PPI says, “PPI and Third.i Group have enjoyed a close working relationship for a number of years and we are excited to add Balfour Place to our growing portfolio of Sydney joint venture projects including our luxury residential development Kurraba Residences and commercial precinct Blue & William in North Sydney.
▲ Research indicates “shop top” developments like Balfour Place achieved an average 16 per cent premium on prices compared to suburb averages.