Chinese developer snaps up historic three storey St Leonards commercial building

Stephen TaylorDecember 7, 2020

A Chinese developer has grabbed a slice of the growing housing market in St Leonards, on Sydney’s lower north shore, by buying an historic three-storey commercial building - with residential potential - for $3.75 million.

This is the first time the property, at 28 Chandos Street (pictured below), has changed hands since 1973 - the year it was built. Selling agent John Simpson-Morgan, principal of Raine & Horne St Leonards, said the original owner, Myrna Pty Ltd, had decided the time was right to recoup some capital gains from its 40-year old commercial asset.

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“The building was ground- breaking at the time, as it was innovative to demolish the two cottages that were on the site and build a modern commercial building,” Mr Simpson-Morgan said.

“Now, with the trend to convert commercial space back to housing, it’s fair to say the real estate market has come full circle.”

Mr Simpson-Morgan says that since 1995, when the NSW government instructed local councils to encourage development in inner city areas close to train stations, around 7,000 apartments have been developed from former commercial space in St Leonards.

“The first sites were the commercial/industrial buildings along the railway line, purchased and developed by Meriton,” Mr Simpson-Morgan said.

Mirvac followed with developments on Christie, Oxley and Lithgow streets, while Winten Property Group bought commercial/retail buildings adjacent to St Leonards station and built 600 apartments at The Forum and Forum West.

In the mid-2000s, Asian developers followed suit, buying up obsolete commercial buildings in Atchison and Chandos streets to build high-rise residential towers.

“Over 20 such commercial/industrial buildings have been demolished and/or converted in St Leonards, with more in the pipeline,” Mr Simpson-Morgan said.

“In the not-too-distant future it’s fair to expect that a few of St Leonards’ original commercial/industrial buildings remaining on Atchison, Chandos, Herbert streets, and the Pacific Highway, will make way for residential developments.”

The agent said the decision to convert commercial real estate near railway stations was a sensible decision that has also improved the quality of infrastructure and amenities servicing the St Leonards precinct.

“We’ve had a major upgrade of St Leonards station, along with the beautification of Atchison, Chandos and Herbert streets,” he said.

“There is also a Coles supermarket in St Leonards now and a major increase in the numbers of cafes, swimming pools and gyms in the area.

“St Leonards is an attractive place to live, particularly for young professionals who need to live close to the major business centres, such as the CBD, North Sydney and Chatswood, but still crave a contemporary lifestyle.”

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