Joint venture partners Third.i and Phoenix Property Investors are preparing to launch one of the most anticipated projects seen in North Sydney with plans to unveil ‘Balfour Place’ in conjunction with Coles Group, a luxury mixed-use development to be built on the existing Coles supermarket site in Lindfield.
The $180 million project, which will be marketed by CBRE Residential Projects, is set to bring a new era of relaxed, contemporary sophistication to a landmark spot and adds to Third.i’s growing portfolio of luxury, quality developments the group are renowned for.
Ahead of its launch to the market next month, the project has struck a chord with potential local buyers and is set to ease increasing demand for larger apartment living in Sydney’s lower north shore.
Marking the fourth joint venture between the property heavyweights, Balfour Place will comprise a collection of one, two, three and four-bedroom residential 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 downsizer 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,” said Mr Berry.
“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.”
“We’re proud of our team and all our stakeholders for helping us and our joint venture partners bringing this project to fruition and we are thrilled to see it rocket to market very soon.”
The DA approved site, which spans over 7091sqm, is set to start the second stage of construction in the first quarter of 2022 off the back of Third.i’s proposal to reduce the number of apartments, in a bid to deliver less impact on neighbours and the wider community. The group finalised plans in late 2021 to amend the application to reduce the proposed 70 apartments to just 62.
The site was sold to PPI in 2020 in need of a refresh following more than 50 years of trading, with Third.i coming on board as development partners planning to preserve a heritage listed building and an electrical substation.
Sales Director of CBRE Ben Stewart, the lead agent appointed to market the development, 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 downsizers,” said Mr Stewart.
“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.”
Balfour Place will boast absolute convenience living close to supermarkets and cafes as well as a luxe rooftop garden for residents.
The project will also include a new 15-year lease with Coles Group in a new store that will be approximately double the size of the current 4,500sqm supermarket, with parking for 237 cars over two levels.
The development will see a new Balfour Lane constructed, which will provide additional access. The retail offering will also be inclusive of a Liquorland and a new café.
“We haven’t seen anything like this on the market for a while and I anticipate the level of livability coupled with the convenience of essential goods and services at your doorstep will really resonate with our buyers and the product on the market won’t last for long,” concluded Mr Stewart.
Prices will start at $845,000.