For the first time in 35 years, a prominent freehold building in the heart of the Chatswood CBD will hit the market, bringing with it, a boutique redevelopment opportunity.

Located at 503 Victoria Avenue, the two storey commercial building offers 225sq m of floor area on a 428sq m site and is for sale through David Hickey and Tim Grosmann of Savills Australia and Linda Zhu and Dominic Ong of Knight Frank, on behalf of a local investor.

The property is surrounded by a mix of retail and commercial premises. In addition, two major metropolitan shopping centres Westfield Chatswood (400m) and Chatswood Chase (750m) are within close proximity.

With some 164,000sq m of retail space, the Chatswood CBD is one of the strongest retailing locations in Australia.

According to David Hickey of Savills Metropolitan & Regional Sales, properties in the Chatswood CBD are rarely offered to the market, especially along Victoria Avenue. This is the third freehold property in the Chatswood CBD that has been publicly offered since 2015 (sub $15 million)*.

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

The property is offered with vacant possession coupled planning controls that allow for future commercial, hotel accommodation, childcare, medical, serviced apartments or entertainment or educational purposes (STCA).

The building was previously utilised as a medical centre and has three access points and the flexibility to operate with two separate tenancies. The Brown Street entrance has access to six car spaces at the rear of the property.

According to Linda Zhu of Knight Frank, freehold on Victoria Ave is tightly held as intergenerational assets for private investors.

“The close proximity to the Sydney CBD and retail offerings within Chatswood make this a very attractive prospect for investors and developers alike. We expect interest from a number of local and offshore investors and developers who appreciate the rarity of a site like this,” she said.

The Chatswood Transport Interchange has recently undergone a significant upgrade which included a major reconfiguration of the Chatswood train station with new platforms, concourse, lifts and escalators, a new bus interchange, taxi ranks, improved pedestrian access and connections to adjoining properties and public spaces.

This rare offering provides the opportunity to acquire a 100% freehold interest in one of the most prominent positions in the tightly held Chatswood CBD. 503 Victoria Avenue will be sold through Savills and Knight Frank by public auction on Thursday 26 October 2017. The auction will be held by Damien Cooley Auctions at the Cooley Auction Centre located at L5, 1 Margaret Street, Sydney NSW 2000.

*Approximate.