A rare development opportunity in central Ballarat has been brought to market by Colliers James Lawson, Andrew Lewis and Bowen Kemp with price expectations over $2.5 million.
9 Creswick Road offers a unique opportunity to secure 1,335 sqm of Zoned Commercial 1 land in the heart of the Ballarat CBD with over 30 metres of frontage to Creswick Road.
The property consists of a 576 sqm three-storey character building currently utilised as an office. However, with the structure only covering a footprint of 225 sqm, the asset leaves a large portion of the landholding vacant, presenting an array of development possibilities (STCA).
Colliersā Executive James Lawson said, āIt is a chance to strike gold in an incredible location of Ballaratās booming CBD, which the City of Ballarat has included in their Master Plan. Leaving potential for an eight-storey development, with multiple development possibilities, including affordable housing, hotel, mixed-use office and residential, build to rent or build to sell.ā
The property is subject to Heritage overlay, with the land outlined in the City of Ballaratās Planning Scheme aiming to create a vibrant mixed-use commercial centre for retail, office, business, entertainment, and community uses. Additionally, providing residential services at densities is complementary to the role and scale of the commercial centre.
āWe have recently generated strong results for quality stock in regional Victoria, particularly from Melbourne and Sydney-based developers looking for regional projects at the back of strength in the regional markets in recent years,ā Mr Lawson added.
The property is situated within a commanding Ballarat Central position, close to several significant sites, including GovHub, ALDI, the Armstrong Street restaurant precinct and Ballarat Station, all within short walking distance.
9 Creswick Road, Ballarat Central, is being offered for sale by Expressions of Interest, closing Friday, 21st July, at 4pm (AEST).
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