St Leonards has become a hub of activity over the past few months, with the fourth major commercial listing coming to market.
With the precinct undergoing a significant transformation in line with the development of the Crows Nest Metro Station and the affiliated St Leonards and Crows Nest 2036 plan, the property at 126 Pacific Highway provides a freehold investment that is ready for repositioning.
The 2,065 sqm building offers a multitude of value-add propositions, future development potential (STCA), and a generous 1:33 car parking ratio. It is predominately leased to Endemol Shine Australia until later this year and benefits from an elevated 1,206 sqm ‘island’ site location, enjoying panoramic Sydney Harbour views.
Benefitting from its shared governance between North Sydney, Lane Cove and Willoughby Councils, public infrastructure investment continues to flow into St Leonards, including into the Arcadia-designed 4,750 sqm public plaza ‘Wadanggari Park’ which is set to open mid this year, as well as the proposed $88 million redevelopment of Hume Street Park.
Colliers’ directors Tom Appleby, Joseph Lin and Steam Leung have the listing exclusively, and are guiding circa $20,000,000.
“Office middle markets assets with multiple value-add propositions and potential future exit strategies continue to be of strong interest in the current market. The persistent flight to experience thematic has resulted in older buildings with tenants vacating being withdrawn for refurbishment.,” Mr Appleby noted.
“Whilst value-add office groups and strata office developers are likely to show predominant interest, we also anticipate a number of medical operators, particularly mental health, respite care and pharmaceuticals, to express interest given the asset’s prominent positioning adjacent to one of Sydney’s pre-eminent health hub,” Mr Lin added.
Recently sold commercial assets of a similar nature nearby have fetched around $9,000 per sqm. 71 Longueville Road, Lane Cove sold two weeks ago for $33,000,000.
Last week, two contiguous commercial freehold investments, 50 and 52-56 Atchison Street, were brought to market through Colliers and CBRE with a “low $30,000,000s” price guide. The combined 1,081 sqm site permits approximately 7,000 sqm of developable mixed use gross floor area (STCA).
Last month, Mirvac’s popular neighbourhood shopping centre in the award-winning development St Leonards Square came to market, also through Colliers, in conjunction with IB Property, with a circa $25,000,000 price guide.