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Queensland buyer snaps up development opportunity in Ballarat Central

Real estate & property news
05 April 2023
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Renovated stunner in regional blue-chip locale to attract overseas interest

An astute buyer from Queensland has swooped on a golden opportunity in Ballarat Central.

The developer recognised the unlimited potential of the property at 137A Albert Street, and snapped it up for $660,000.

With a price guide of $640,000-$660,000, the prime site of about 529sq m is set across two blocks with two separate titles and comes with a three-bedroom period house.

The property sold within two weeks of hitting the market, according to Barry Plant Ballarat agent Cameron Webb.

“This is an incredible investment opportunity smack in the middle of the CBD,” he said.

“Everything is virtually a few steps away, including Federation University, supermarkets and amenities.”

Melbourne and Geelong buyers were looking at it for residential development and commercial usage, including a medical clinic, Mr Webb said.

“The Queensland buyer paid the top of the price range,” he added.

“He is also keen on other development opportunities in the area.”

In the same street, at 135D Albert Street, a fully renovated four-bedroom house on 505sq m with a self-contained granny flat has just hit the market.

In images 1/3135D Albert Street, Ballarat Central, 3350

With a price guide of $900,000-$930,000, the property is a rare offering in the tightly held area and should also attract interest from overseas buyers, according to Mr Webb.

“It’s not often that a property of this calibre comes on the market in Ballarat Central,” he said.

“It is superbly renovated in a blue-chip location.”

There is strong demand for property in Ballarat Central, with its wealth of renowned schools, including Clarendon College and St Patrick’s College, and Lake Wendouree, which is a major drawcard to the area.

Another outstanding development opportunity in Ballarat Central at 111 Hickman Street.

In images 1/3111 Hickman Street, Ballarat Central, 3350

With a price guide of $695,000-$740,000, the four-bedroom house on a 1093sq m block comes with an approved planning permit for a two-lot subdivision.

This large block with dual access and views of Yarrawee Creek is ideal for development and the house could be renovated to rental standards, Mr Webb said.

“There is scope to demolish the house and build two four-bedroom houses or a complex of units and townhouses,” he said.

“Or renovate the original home to live in or rent, and build at the back.”

Mr Webb said the property had already attracted strong interest from Melbourne buyers who recognised its value, potential and rarity on the market.

“Larger parcels of land seldom come up for sale in this vibrant river precinct,” he said.

“With Bridge Mall, White Flat Oval and recreation reserve, Federation University, and the train station so close by.”

Real estate & property news
05 April 2023
Save Article

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