A trophy investment in the Chatswood CBD has hit the market after 15 years and local investors are racing to get their ducks in a row before the impending auction of 425 Victoria Ave, Chatswood occurs in mid-July.
For sale exclusively through Dominic Ong, Linda Zhu and Brett Burridge of Knight Frank, on behalf of a private investor, this exceptionally well located retail property sits on a high profile corner on the pedestrian mall section of Victoria Avenue and directly opposite Westfield and The Concourse. The property is 100 per cent leased to Westpac Banking Corporation until 2021 plus three further five year options.
The two storey building comprises retail banking and first floor business banking premises over 793 sqm of Lettable Area on a 550 sqm site, and offers a current net income of $983,454 plus GST, with all outgoings paid by the tenant. Street frontages include 13.4 metres along Victoria Avenue and 41.2 metres to Anderson Avenue.
According to Knight Frank’s Senior Director – Asian Markets, Dominic Ong, “This is a rare opportunity to acquire a highly sought after freehold trophy retail investment on one of the busiest intersections directly opposite Westfield and The Concourse and within 150 metres of the Chatswood Interchange.
“With its wide frontages to both Victoria Avenue and Anderson Street, there is potential to split the ground floor into multiple tenancies with independent frontage along Anderson Street” he said.
Chatswood is renowned as a prominent Australian shopping destination, and is home to national and international headquarters. Conveniently located 8.5 kilometres north of the Sydney CBD, Chatswood is the transport hub of Sydney’s north shore. The commercial core of Chatswood is centred around Victoria Avenue and spreads east and west of the Chatswood Transport Interchange.
Knight Frank’s Associate Director – Asian Markets, Linda Zhu expects a lot of interest from local investors, who see this as a weather proof/ safe haven investment, underpinned by the growth and transformation of the Chatswood CBD together with the strong tenant and secure income stream.
“Being Sydney’s third largest CBD, Chatswood is well renowned as one of Australia’s top retail destinations with more than 200,000 sqm of retail space in the two major shopping complexes, Chatswood Chase and Westfield Chatswood, and surrounding mall and street shopping.
“The shopping district alone attracts more than 20 million shoppers annually, bringing world class restaurants and cafes to over 40,000 locals and visitors daily. This asset is superbly positioned and will continue to provide positive annual return for a savvy investor” she said.