Development opportunity in Balgowlah listed for sale

The owners of an 11 lot mixed use strata building have banded together to market their Northern Beaches property with high hopes of selling to a developer.

The two-story building's existing improvements include six shops and five apartments with parking at the rear.

329-341 Sydney Road, Balgowlah is an 841sqm site with planning controls allowing consent for a four-storey mixed use residential development with ground floor shops and offices and three-storeys of apartments.

CBRE’s Toby Silk, Aaron Arias and Nicholas Heaton are managing the campaign with Expressions of Interest invited by 30 November.

The listing marks the third development site to be brought to market on Sydney Road, Balgowlah by the CBRE team.

“The strata lot owners have known that the property is a development site for some time, having the foresight to put demolition clauses in any long commercial leases. The existing tenancies provide great holding income while a developer gets DA approval through the Northern Beaches Council,” Mr Silk said.

“There are little to no quality development sites on the market right now, so this is a unique opportunity, we are excited to see what interest is attracted and the future vision for the site.”  

Balgowlah and Balgowlah Heights have a median house price of $3,350,000 and $4,613,500, respectively. The area has an ageing population and a demand for luxury apartments to cater to downsizers.

Mr Silk said “The site provides the optimum lifestyle location with surrounding cafes and restaurants, walking distance to Stockland Shopping Centre, North Harbour Reserve, Fairlight Beach, Forty Baskets Beach and the Spit to Manly Walk. The site is also opposite a bus stop that services Sydney CBD, North Sydney, Chatswood, Manly, Westfield Warringah Mall and Belrose.”

In 2017, 404 Sydney Road was sold and has since been developed by Balgowlah Project into a four-level building with 17 residential units, with three levels of basement parking and two retail spaces including Porters Liquor.

The following year, a 531sqm site at 332-338 Sydney Road was sold to developer Pavilion Residences No 4. This year the site was approved by the Land and Environment Court for the construction of a five-storey shop top housing development with basement car parking, four ground level retail shops, with 12 residential apartments above.