Chatswood retail complex fetches $16m
Transport for NSW has raised $16 million through the sale of a revamped retail and commercial complex next to the Chatswood Transport Interchange.
The site at 426-430 Victoria Avenue was bought by the NSW government during the planning and construction phases of the interchange. Transport for NSW renovated and refurbished the site, and leased the two adjoining buildings to maximise the sale price. It was sold to a private investor.
The selling agents, CBRE's Tim Grosmann and Sashi Makkapati, said the complex was fully leased with a total lettable area of 1346 square metres.
"Chatswood mall and the surrounding retail areas within Chatswood CBD rank among the most successful retail locations in Australia," Mr Makkapati said.
"Investor demand for prime retail properties remains high and purchasers are willing to pay a premium price to gain a foothold in established retail precincts."
Chatswood's leasing market has shown signs of improvement recently.
The latest report on the north shore from Savills suggested the overall vacancy rate did not reflect the state of the market for users of large areas of top-grade space.
The report showed north shore tenants looking for 2500 square metres or more of quality, connected space have only a handful of options in the lower north shore precincts of Crows Nest, St Leonards, North Sydney and Chatswood.