15 October 2021

Twice as nice: rare development opportunity in Kaleen

| Karyn Starmer
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Aerial view of the property in Kaleen

8 and 10 Callabonna Street are ready for a savvy developer to take advantage of the area’s RZ2 zoning. Photo: Ray White Canberra.

A collaboration between two neighbours has resulted in a rare development opportunity in Kaleen that an astute developer or homeowner would regret not taking the time to have a peek at.

Situated in a sought after and coveted section of Kaleen sits a pair of properties with untapped potential.

The owners of 8 and 10 Callabonna Street have teamed up in a dream listing to give the savvy buyer a whopping 1,855 square metres of space.

The neighbours are offering their properties for sale together to take advantage of the area’s RZ2 zoning. Developers and builders typically look for these blocks for redevelopment projects as RZ2 blocks over 700 square metres are permitted a mix of a single dwelling and low to medium-density multi-unit developments.

Both are three-bedroom, two-bathroom homes. Number 8 sits on 964 square metres, while number 10 is 890 square metres.

Ray White Canberra selling agent Sebastian Gutierrez says this prime development opportunity waiting for a premium project came about following a recent sale in the street.

“The neighbours had a chat and decided to collaborate on a sale. Sometimes joint offerings can be a little difficult to manage, but in this case, both neighbours are on the same page. It has happened organically.”

Sebastian says that even in Canberra’s hot property market with a shortage of stock, the joint sale of numbers 8 and 10 will return a better price for the neighbours than listing their properties separately as existing homes.

The blocks are located in what the locals call ‘Kaleen Heights’ and take in views over Kaleen to Black Mountain Tower. Just one street away from Kaleen Plaza, five minutes from Belconnen and 10 minutes into the city, the space is a prime development opportunity.

Kaleen shops

The site is one street from Kaleen Shops. Photo: Ray White Canberra.

If you’re looking to enter the sought-after suburb of Kaleen, or you’re on the hunt for a development opportunity, this may be just what you’ve been waiting for.

To book a private inspection at 8 & 10 Callabonna Street, Kaleen, contact Sebastian Gutierrez on 0422 184 992, or check out all the hottest listings at Zango.

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