This article is from the Australian Property Journal archive
A LOCAL developer has purchased a prime residential development site in Chatswood for $28 million from Daraki Holdings, which has owned the property for more than 20 years.
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Located at 660 Pacific Highway Chatswood, the 2,608 sqm site has a planning proposal for a development with an overall Gross Floor Space of approx 7,944 sqm.
The local developer has plans to build two residential towers.
The property was sold by Knight Frank`s Dominic Ong and Tim Holtsbaum. Ong said the property is currently 100% occupied with four short term leases.
He added that Knight Frank’s international road show in Hong Kong and China saw over 10 parties ranging from established local developers and offshore parties, interested in the site.
“With limited development sites available or offered in Chatswood, 660 Pacific Highway has set a new benchmark in the market, with the successful new owner taking just 48 hours to close the deal – a testament to the strength of this market in both development sites and commercial investments,” Ong said.
Holtsbaum said the property is one of Chatswood’s best mid-size residential development sites.
“660 Pacific Highway is just 300 metres to the Chatswood CBD Transport Interchangeand there is an abundance of boutique retail and convenience stores from Westfield Shopping Centre and Chatswood Chase Shopping Centre to Victoria Avenue and its famous cafes, quality restaurants, hotel and winebars,” he concluded.
Australian Property Journal
