Balwyn North: Designer home could make next owners more than $500k in three years

An opulent home in Balwyn North is for sale at 299 Belmore Rd.

A multimillion-dollar resort-style home exuding opulence and glamour will put more than $500k back in the pocket of its next owner.

But there’s a catch: they’ll have to wait three years to move in.

The 299 Belmore Rd, Balwyn North, pad was only completed last month as a collaboration between renowned architect Dan Webster and Mazzei building firm.

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The majestic spiral staircase in the entrance leading to the top floor.

It also comes with an infinity pool.

And a stylish, marble kitchen.

Mazzei bought the property in 2019 for $1.8m, demolishing an existing house and building the ritzy abode in its place.

“It’s a contemporary residence we feel sits well in most Melbourne suburbs,” firm director Zeb Woodhatch said.

“It’s got a certain flair.”

The striking residence offers buyers the height of luxury and is ready to move into, after a three-year lease back at 4 per cent per year.

That works out to $576,000 across three years, if the home sells at the bottom of its $4.8m-$5.25m price guide.

If sold at the top of the range, the next owner would receive $210,000 a year – or $630,000 by the time the home is released to them.

The house makes a bold first impression with an elegant spiral staircase leading to the top floor and a sky-lit void above the curving structure flooding the home’s lower level with natural light.

Downstairs, the kitchen features marble benchtops and is perfect for entertaining, opening to a concrete alfresco area where buyers can also enjoy an infinity-edge swimming pool.

The spacious dining room adds flair to dinner parties with a glass-walled wine cellar adjoining it.

One of the lounge spaces.

A glass wine cellar can be found alongside the dining room.

The five bedrooms come with luxurious ensuites, showcasing dual vanities, rainfall showerheads and marble fixtures that would not look out of place at a five-star hotel or resort.

Mr Woodhatch said proximity to nearby schools would suit a family in search of a “high-end” residence.

“It has all the privacy you could want and all the space to not be on top of each other,” he said.

The home also features many contemporary additions, such as a video intercom, refrigerated cooling, solar panels and a spacious, double garage.

Outside, a manicured garden was designed by esteemed Melbourne landscape architect Nathan Burkett.

Marshall White Boroondara partner Nick Ptak said the property would appeal to people in medical or law careers that did not have the time to oversee a building project – particularly with current construction delays.

Mr Ptak said a lot of local families — both with younger children and teenagers — had shown interest.

Another living area, complete with a bar and gas log fire.

One of five spacious bedrooms.

And five elegant ensuites.

“It’s a cutting edge home with a very smart design,” he said.

“And a perfect entertainer’s home, with an enormous kitchen great for 18ths, 21sts, 60ths, any parties really.”

Off the ground-floor entrance is one of the bedrooms, a lounge room with a bar and gas log fireplace, a study and powder room.

Upstairs the large main bedroom, features a walk-in wardrobe and ensuite.

Three further bedrooms and a rumpus room are located on the other side of the floor.

“It’s got very generous proportions and a well-functioning floorplan,” Mr Ptak said.

“And it has enough residual garden which young families like, but it’s also low maintenance for busier families with teenage children.”

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