Permit Approved Caulfield North site comes to market

A prime development site in Caulfield North is being offered to the market through JLL on behalf of a private family for the first time in six decades.

The property was originally constructed by the current ownership family.

219-229 Balaclava Road offers purchasers dual street access and the benefit of short-term holding income from the existing office suites, returning around $270,000 per annum.

The property is being marketed by JLL’s Director Development Site Services Jesse Radisich along with Josh Rutman, MingXuan Li and Madeleine Pizzey with Relae Property as transaction manager.

Mr Radisich described the property as “an exceptional opportunity to take advantage of an outstanding location with a very valuable planning approval in place, with the added benefit of short-term holding income”.

The property comprises a north-facing, 1,060 square-metre allotment (Zoned Commercial 1) with Balaclava Road frontage of more than 23 metres, as well as side and rear laneway access, providing a high level of design flexibility and site access for any future re-development.

The approved project has been designed by leading ‘CHT Architects’, and includes 30 apartments with a mix of two- and three-bedroom units and a full-floor, four-bedroom penthouse, plus retail and commercial space.

Radisich said the site offered protected views over Caulfield Park and towards Melbourne’s CBD, as well as an abundance of public transport and retail options with both Caulfield and Malvern retail precincts in close proximity.

Just 20 minutes from Melbourne’s CBD, the affluent and tightly held suburb of Caulfield North boasts a median house price of $2.6 million, and provides locals with access to a number of top private schools and extensive retail and lifestyle amenity.

Mr Rutman said that "the Caulfield North apartment market is rapidly evolving, with quite a number of local residents looking to downsize from the family home into a low maintenance apartment, but they aren’t willing to sacrifice on the location and the quality of the apartment”.

The property is surrounded by an abundance of retail and lifestyle amenity within the Hawthorn Road retail precinct, home to popular cafes include Baker Bleu and is also a short drive to the newly developed Caufield Village, underpinned by a Coles Supermarket.

219-229 Balaclava Road, Caulfield North will be sold via an International Expressions of Interest closing Wednesday, 8 May, at 2pm.