A two-storey freehold building in the heart of Chatswood has sold for the first time in 35 years, generating a sale price of $3.93 million.

Savills Australia’s David Hickey brokered the deal for 503 Victoria Avenue, Chatswood after receiving more than 300 enquiries throughout the expressions-of-interest period.

“This is a key indication that the market for well-located metropolitan assets is still very strong,” he said.

The sale price reflects a land rate of $9,632 per sqm and building rate of $17,236 per sqm.

“The land and building rates are strong for an older-style building with limited development potential,” Mr Hickey said.

The property was previously utilised as a medical centre and with three access points, provides flexibility to operate two separate tenancies. There are six car spaces at the rear.

“The purchaser, a local Chinese education provider, will be occupying the space as their business headquarters post-refurbishment,” Mr Hickey said.

Learn more about Savills Metropolitan & Regional Sales.