Why downsizers are flocking to Burnley Maltings
Downsizers from Melbourne's inner east have swooped on Burnley Maltings, one of the only opportunities to move into a newly built home in the tightly held suburb in recent years.
They've been coming from large family homes in the likes of Kew, Hawthorn and Richmond now the kids have flown the nest and they don't need such a large family home.
The townhouses at Burnley Maltings cater for multi-generational living but are low maintenance. All but one townhouse in the development of 37 residences offering three bedrooms, while several have a separate home office space and all have large rooftop terraces.
"These buyers want to be somewhere where there's more going on, but don't want to be right in the thick of the action," Bart O'Callaghan, director of developer Developed by Urban says.
"They don't want to be in the middle of Richmond, but they want the easy access either by train, with the Burnley Station just 500 metres away, or a short car ride."
O'Callaghan says they're also expecting local upsizers when construction is more advanced, from those who don't want the headache and cost of renovating and extending their current Victorian-era cottage and instead opt for a new home. Burnley Maltings brings that heritage through, given the terraces in the heritage-protected landmark Barrett & Burston Maltings, a historic malting factory that started life in the late 1800s as Terry's Burnley Brewery.
The street is also just across the road from the prestigious St Georges Road, one of Melbourne's priciest streets where there have been sales of up to $88 million.
Currently under construction with a target completion date of late 2025, Burnley Maltings represents a rare heritage restoration that is difficult to reproduce in the current built environment.
Developed by Urban is a specialist in restorations of old and heritage-listed buildings. They took the opportunity not many developers would when the historic building came up for sale.
O’Callaghan says for years Burnley's main detraction had been the operating heritage maltings which finished operations in 2018.
"We have put a tonne of work into the heritage restoration and reimagining of the c.1885 space to now incorporate 1,000 sqm of gardens and beautifully designed new homes, perfect for Families and downsizers alike.
“So often Melbourne families living in the inner suburbs are forced further away from the CBD in pursuit of space and a larger family home close to Schools. Burnley Maltings townhomes include lock-up garages, oversized bedrooms rooftop terraces and oodles of family living space.”
