Developers to line up for Balaclava’s Beller House

Balaclava’s Beller House days might be numbered as the 45-year-old property hits the market, dubbed a property destined for development. 

Also known as Carlisle Corner, the property at 281A-289 Carlisle St, is the biggest commercial land holding on the Balaclava retail strip.

And the 2720sqm site has apartments written all over it.

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CBRE National Director Mark Wizel says with 12 months notice to the current tenants, a developer could negotiate demolition.

The property is expected to likely be turned into apartments, with ground floor retail shops.

At 281A-289 Carlisle St the property is located at the entrance to Balaclava’s vibrant retail strip.

“I’m sorry to say with this one, the value of new dwellings in a place like Balaclava has risen so dramatically, it would be very hard to see anyone competing with a developer for this property,” Wizel said.

“I can already image there would be protesters out the front saying “no, no Beller, don’t go”.”

A price guide has not been placed on the property, which last sold in October 2015 for $18.5 million, but it is understood interest will be above $20 million.

Beller House sits on a 2720sqm site.

“It’s very difficult to put a price on an asset which has so much to offer in terms of its existing leasing profile, its exceptional location, its place, and perhaps emotional attachment, within a well-resourced, tight-knit community,” Wizel says.

Balaclava had established itself as a premium suburb for people under 50 and the strip offered an eclectic and highly regarded mix of cafe’s, retail and service.

“It’s a very special part of Melbourne, where the Jewish fraternity are mixed in with hipsters.”

This article from Leader Newspapers first appeared as “Balaclava’s Beller House hits the market, has developers dreaming”.