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LONDON: Boomers are increasingly buying into upscale apartments being built above or within shopping precincts.

Homebuyers can secure their slice of the swanky $180 million Balfour Place from next month with apartments in the upcoming development set to hit the market.

The project, which received development approval in 2019, will comprise 62 one to four bedroom boutique apartments above the existing Coles Lindfield site.

Coles’ retail space will almost double in size, there is space for a Liquorland and cafe, a new Balfour Lane will be constructed to improve access, 237 carparks will span two levels and the residential component will boast private courtyards and a rooftop garden.

The joint venture between Third.i and Phoenix Property Investors will be marketed by CBRE Residential Projects, prices start from $845,000 and they will be launched to the market next month.

Construction is set to start imminently following the developers’ proposal to reduce the number of apartments, which originally stood at 70, to minimise impact on the community.

Luke Berry, Director of Sales and Marketing and Co-Founder of Third.i said the development was designed by 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 and we couldn’t be happier to finally launch this project to the market next month,” Mr Berry said.

“With Balfour Place, you will have everything you need at your doorstep. To be just a lift ride away from fresh food and produce, a barista brewed coffee and your favourite bottle of wine is the epitome of apartment living and that’s exactly what we will be delivering with this project.”

Sales Director of CBRE Ben Stewart, the lead agent appointed to market the development, is already fielding inquiries.

“The latest offering by Third.i and PPI has it all in terms of proximity to a train station and quality schools, as well as being positioned in a highly coveted north shore suburb, where new apartment developments are scarce, particularly for downsizers,” Mr Stewart said.

“Our market research has indicated that demand for high-end living and conveniently located new apartments in the area is solid, with almost all initial inquiries coming from local residents.”