This article is from the Australian Property Journal archive
DEVELOPERS Third.i and joint venture partner Phoenix Property Investors (PPI), have teamed up with Coles Group to create a luxury mixed-use development to be built on an existing Coles supermarket site on Sydney’s upper north shore.
The current DA approval for the 7,091 sqm parcel in Lindfield allows for 70 apartments with a private courtyard and rooftop gardens to be built on top of a brand-new large-format Coles supermarket, Liquorland, café, and a heritage commercial space fronting Pacific Highway.
To be known as Balfour Place, the project will mark the fourth joint venture between Third.i and Asia-Pacific real estate private equity group PPI. Previous ventures include residential development Kurraba Residences and commercial precinct Blue & William in North Sydney.
“When Third.i started working with Coles, we quickly identified there was an opportunity to improve the residential elements of the DA, so 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 downsizer and young families we see as the likely purchasers of our apartments,” Third.i Group director & co-founder, Luke Berry.
Third.i’s is looking to reduce the number of apartments from 70 to 62 to offer more space to residents. It is finalising its modification of the existing DA and plans to submit to council in early October and start the second stage of construction in the first quarter of 2022.
Stage one 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.
Coles will remain as a development partner for the duration of the project, having signed an agreement for lease as the anchor tenant.
CBRE has been appointed as the lead agent to market the development. CBRE’s Ben Stewart said that exceptional convenience will underpin Balfour Place residences, with location amongst its strongest selling points.
“Our market research has indicated that demand for high-end, conveniently located new apartments in the area is strong, with almost all initial inquiries coming from local residents,” Stewart said.
“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,”
