Kaleen development site with approval for five homes hits the market

A significant residential development opportunity has hit the market in Canberra’s north, with two adjoining properties in Kaleen offered for sale as a combined 1855-square-metre landholding.

HIVE Property’s Eva Bono and Matt Shipard are marketing the properties at 8 and 10 Callabonna Street, Kaleen, with price expectations above $2.4 million.

The offering includes approved consolidation of the two blocks and a Crown lease variation permitting five dwellings.

Shipard said opportunities of this scale, with planning approvals already in place, were becoming increasingly difficult to find across Canberra.

“The approved consolidation of the two blocks is a significant advantage, creating a single development site for purchasers. Combined with the absence of easements, it provides greater flexibility when assessing future development outcomes.

“We’re already receiving enquiries from local developers and expect strong interest from buyers looking to deliver housing suited to Canberra’s growing older demographic.”

The site comprises a three-bedroom house and a four-bedroom house and is positioned within walking distance of Kaleen Plaza and local amenities. The location also provides convenient access to Belconnen, the University of Canberra and the Canberra CBD.

Both properties are leased until April 2027, generating a combined rental income of $5850 per month, allowing purchasers to retain an income stream while advancing development plans.

By negotiation

8 & 10 Callabonna Street, Kaleen ACT 2617

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According to the listing, the development approval was secured under the former 50 per cent plot ratio scheme, with plans available on request. The approved consolidation and existing development permissions significantly reduce the upfront planning requirements typically associated with larger residential projects.

The property will be auctioned on October 10 at 10am.