ICON Developments has announced that it has received development approval to build a series of townhomes in Balaclava.

The site is located on the corner of Inkerman and Nelson streets, in the vibrant Melbourne suburb.

The permit approves the 2,500 square metre site to be developed into 27 two, three and four-bedroom townhomes.

At a glance:

• Permit approves the 2,500 square metre site to be developed into 27 two, three and four-bedroom townhomes
• The site was acquired by ICON in June 2018 for $9.5 million
• The site is close to multiple public transport links and is approximately 10 km from Melbourne's CBD

The site was acquired by ICON in June 2018 for $9.5 million and the area has been identified as Melbourne’s leading suburb in terms of price growth.

It is tipped to grow by 20 per cent in the next three years according to market analysis by Select Residential Property Research Group.  

Designed by MAArchitects, the project – Inkerman & Nelson – is set to become an architecturally-designed village of six stand-alone residential buildings.

They will have flexible floorplans and options for whole floor living areas on either the ground or second floor, large rear gardens and some with a rooftop terrace. 

ICON’s senior development manager, Georgina Goldsworthy said the project is addressing a gap in the market.  

“This townhome project presents a unique opportunity to bring well-designed family homes to a prime north facing corner site in the established, vibrant suburb of Balaclava,” said Ms Goldsworthy.

“Through its considered design, Inkerman & Nelson will address the shortage of this product type in Melbourne’s inner suburbs, catering to the changing needs of buyers.”

The developer’s previous townhome developments include the collaboration project 122 Roseneath St in Clifton Hill and the nationally award-winning Cantala in Caulfield North – both of which sold out prior to construction commencing.

 ICON previously collaborated with MAArchitects on its Harper Lane apartment project at 78 Inkerman Street, St Kilda, just a stone’s throw from their latest venture.

 The site is close to multiple public transport links and is approximately 10 km from Melbourne’s CBD. It is also located just metres from vibrant Carlisle Street.

 Sales will formally launch in October 2019. Demolition work is underway, with construction of the residential building on track to start in first quarter of 2020, and completion anticipated by third quarter of 2021.

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