Completed in 1970, 657 Pacific Highway is now set to benefit from Sydney’s Metro Office market reset
The eight-storey freehold commercial building at 657 Pacific Highway, St Leonards has come to market via an off-market International Expressions of Interest campaign. The Colliers team of Tom Appleby, Joseph Lin and Charlie Gilmour are exclusively managing the sale on behalf of Elegant. The agents wouldn’t disclose a price guide, however a source has indicated pre-campaign interest had already been received in the mid $30Ms.
Positioned on a prominent 660 sqm site within Sydney’s innovation corridor, the asset presents a compelling opportunity to secure an established commercial holding with clear value-add potential. The building spans 3,529 sqm of net lettable area and includes three levels of secure basement parking for 40 vehicles. The top two floors, levels 7 and 8, are currently vacant and ideally suited to an owner occupier, offering exclsuive access to a rooftop terrace, enhancing tenant appeal.
With the St Leonards office market undergoing a recalibration phase – marked by a stabilising environment despite elevated vacancy levels (30.5%), 657 Pacific Highway is well-positioned at the heart of this positive transition. As the area moves away from a period of oversupply, the asset presents a strategic opportunity for investors and tenants seeking well-located, high-quality office space in a market characterised by limited future supply and strong infrastructure connectivity.
Tom Appleby, Colliers’ Head of Sydney North, commented, “Significant stock withdrawal for various forms of residential accommodation is set to result in reabsorption and a reduction of vacancy in CBDs on Sydney’s North. Centrally located B grade office buildings with immediate access to public transport options are forecasted to benefit from a surge in effective over the medium term.”
Currently 66.7% leased to a mix of healthcare, fitness, shipping and professional services tenants, the building delivers a passing net income of $977,827 p.a., with potential to reach over $2 million p.a. when fully let. Recent lobby upgrades and modernised services further enhance tenant appeal and reduce short-to-medium-term capital expenditure.
The property benefits its strategic location being within walking distance of St Leonards Train Station, the newly completed Crows Nest Metro, and the Royal North Shore Hospital Precinct – reinforcing its appeal to both occupiers and investors seeking strategic exposure to one of Sydney’s most infrastructure-rich locations.
Colliers Asia Markets National Director, Joseph Lin, added, “With the Crows Nest Metro now operational and no new office supply forecast, we expect to see continued interest in value-add opportunities like this – especially in precincts undergoing such significant public and private investment.”
St Leonards is undergoing a rapid evolution under the NSW Government’s St Leonards and Crows Nest 2036 Plan, which will deliver over 6,000 new dwellings and 16,500 jobs, reinforcing its role as a connected, mixed-use employment and lifestyle hub.
“Assets of this scale and flexibility within walking distance of two major transport nodes are increasingly rare. The recent planning uplift combined with strong underlying tenant demand makes 657 Pacific Highway a standout opportunity for investors looking to capitalise on St Leonards’ next chapter,” Colliers Investment Services Executive, Charlie Gilmour, concluded.
A 100% freehold interest in 657 Pacific Highway, St Leonards is being offered for sale via an off-market International Expressions of Interest, closing Tuesday 2 September.
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