This article is from the Australian Property Journal archive
MORE than 300 enquiries were received for a vacant two-storey Chatswood commercial building offered to the market for the first time in 35 years, with a local Chinese education provider paying $3.93 million to secure the property as its new headquarters.
Savills’ David Hickey sold 503 Victoria Avenue in Sydney’s north shore via expressions of interest, in conjunction with colleague Tim Grossman and Knight Frank’s Linda Zhu and Dominic Ong, on behalf of a local investor
On a 482 sqm site, the 225 sqm building had recently been used as a medical centre, and with three access points offered flexibility to operate two separate tenancies. There are six parking spaces at the rear.
It was offered with a B3 Commercial Core zoning that allows for a development height limit of 90 metres and maximum floor space ratio of 5:1.
The new owners will refurbish the building before moving in.
The sale price reflected a land rate of $9,362 per sqm and building rate of $17,236 per sqm.
Australian Property Journal
