Commercial building in Chatswood up for auction

Commercial building in Chatswood up for auction
Commercial building in Chatswood up for auction

A freehold building in the heart of the Chatswood CBD is about to go under the hammer, bringing with it, a boutique redevelopment opportunity.

The 503 Victoria Avenue property is a two-storey commercial building that offers 225 sqm of floor area on a 428 sqm site.

The property is surrounded by a mix of retail and commercial premises. 

The building is being offered with vacant possession coupled with planning controls that allow for future commercial, hotel accommodation, child care, medical, serviced apartments or entertainment or educational purposes subject to council approval.

It was previously utilised as a medical centre.

It has three access points and the flexibility to operate with two separate tenancies, according to the listing agents from Savills and Knight Frank.

The listing agents are David Hickey and Tim Grosmann of Savills Australia and Linda Zhu and Dominic Ong of Knight Frank.

Commercial building in Chatswood up for auction

This is the third freehold property in the Chatswood CBD that has been publicly offered since 2015 in the below $15 million category.

“The site is favourably zoned B3 – Commercial Core allowing for commercial use, with a height limit of 90 metre and maximum FSR of 5:1. The redevelopment potential for this property could yield (2,140 sqm) in potential Gross Floor Area (STCA) under the existing planning controls,” said Hickey from Savills.

In addition, two major shopping centres Westfield Chatswood and Chatswood Chase are close.

With some 164,000 sqm of retail space, the Chatswood CBD is one of the strongest retailing locations in Australia, said Hickey.

Both investors and developers could be attracted to the property, said Linda Zhu of Knight Frank.

“The close proximity to the Sydney CBD and retail offerings within Chatswood make this a very attractive prospect for investors and developers alike.” 

The auction is scheduled for October 26.

 

Tags: 
Chatswood Commercial Property

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