A 13-storey office building with major redevelopment opportunity at the gateway to Chatswood’s CBD has come to market.
The owners are looking for more than $55 million for the 6756sqm property at 815 Pacific Highway.
Commercial specialist Colliers is selling the property on behalf of the owners, QTKT Chatswood Pty Ltd, via an expressions of interest campaign, closing on April 1.
CoreLogic shows the company bought the building from Linfield Development in 2018, for $54.5 million.
Jon Chomley, Colliers’ national director of Capital Markets, said the company had done a lot of work to the property and was now looking to sell so they could use the capital for a larger property they are working on.
Major redevelopment of the site, with the adjoining site, 15 Help Street, has been endorsed by the Willoughby City Council to proceed to a gateway application through the NSW Department of Planning.
Mr Chomley said the separate owners of 815 Pacific Highway and 15 Help St had approached the council with a combined proposal for the redevelopment of both sites together to benefit from the uplift provided by proposed development of a larger site.
“The adjoining owner (of the Help St property) has not expressed a desire to sell the property at this stage however we are meeting with them next week to discuss their intentions,” he said.
The building has a diverse tenancy profile, which includes advertising, migration consultants, legal firms and consulting companies.
Mr Chomley said the property was located on a prime corner with fantastic retail and transport amenity.
“815 presents an excellent opportunity to redevelop the building or continue the upgrading work that the owners have been undertaking since acquisition,” he said.
“The asset will have broad appeal to investors and developers.”
Harry Bui, Colliers’ national Director of Metro Sales said there were some exciting opportunities attached to the property.
“815 Pacific Highway represents an extraordinary investment opportunity to acquire an income producing asset in Chatswood CBD with value-add and redevelopment possibilities; including new built-to-rent redevelopment in accordance to the new government initiative in February this year,” he said.
Sophie Tieman, Colliers’ senior executive of Capital Markets said Chatswood had significant retail amenity with two subregional shopping centres, as well as transport investment, with the new northwest metro now open and southwest metro due to be completed in 2024.
“It is a market with real forecasted growth,” she said.