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Prestigious property on the market after more than a decade

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It's only days until the auction of a prestigious property in Chatwood CBD that has come on the market after a long wait of 15 years.

Local investors are keen to include it in their property development portfolio, according to global real estate firm Knight Frank.

It is currently leased to Westpac Banking Corporation for the next seven years until 2021 - there is also the possibility of further five year options. The building is two storeys high and the current net income is $983,454 plus GST.

The agency's Senior Director - Asian Markets, Dominic Ong said, 425 Victoria Ave, Chatswood is an impressive address. 

"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," he explained.

Mr Ong also added the wide space in front of the property offers the potential to divide the ground floor into multiple tenancies.

The impressive retail property is located in the pedestrian mall section of Victoria Avenue, opposite Westfield and The Concourse. 

Knight Frank's Associate Director - Asian Markets, Linda Zhu​, says the prospects are promising, with local investors showing keen interest. The solid tenancy and income stream also add to its attractiveness. 

"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," she added.

According to Ms Zhu, around 20 million shoppers visit the area every year. 

Date Published: 30 Jun 2015
Category: General News

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