Ever-growing populations of skilled labor and students flowing into the Australian market, sky-rocket the need for high quality commercial space that’s fairly inelastic. A piece of highly sought after land situated in the heart of Chatswood’s commercial building district: 26 Railway Street and 6 McIntosh Street, is an area the size of approximately, 1205sqm with great connections to Metropolitan Sydney and booming in potential.
Offering valuable characteristics such as the proximity of the train station a mere 260 m away and the Westfield Shopping Centre right around the corner, 550m away the space has been actively targeted by a multitude of developers throughout the years, however, with no luck.
Recently, despite years of efforts from other agencies, Ralton Property Group won over the unwinnable. A record-breaking milestone in their agencies history.
Ralton Property Group’s “unique and tailored approach to negotiations” is what won them the unattainable land. As noted by RPG’s MD, Mr. Uppal: “Understanding each vendor's needs personally, as well as insisting on patience to get everyone's positions in order to provide the comfortability to move forward with such a large transaction is a standard practice within our business, not a strategy.”
With concept plans underway by the lucky option holder, early indications that the two parcels of tightly held land have the capacity to uphold a 90m commercial tower — equivalent to 30 levels. This amalgamation being subject to the 2-stage masterplan involving the neighboring 7 Help Street would allow to reach such heights given consolidation bonuses on offer. It is anticipated that existing under utilised blocks will make way for a new landmark commercial tower for hotel, retail, office space or a combination of all.
With their wealth of expertise, despite tough competition regarding these two parcels of land in North Sydney, over the span of 3.5 years negotiating, the amalgamation process took a mere 7 months in total, under a buyers agency agreement.
After selecting the most qualified and vetted developers for the project, RPG have been tasked with offering the land for sale under a deed of nomination to the prospective developers. Now, this project is in full swing with multiple interested parties backing development, locally and internationally.
This milestone in Chatswood is a big step for the agency in setting it’s ground to be more influential in the market. Definitely a step in the right direction hopefully, in not only setting a new standard for the way real estate sales are settled but creating better use of land to situate the influx of people Australia has been receiving in the past 5 years.