Rare large Chatswood residential site could sell for $250 million
Eight houses and 12 townhouses in Chatswood in Sydney’s lower north shore are on the market in one line and could fetch as much as $250 million.
It is understood Sydney developer Develotek has options over the privately owned properties and is selling the 5420 square metre site.
There are few sites of this size in the built-up suburb which includes the houses at 51-61 Archer Street, 30-32A Bertram Street and 34 Albert Avenue.
Knight Frank’s Tim Holtsbaum, Tyler Talbot and Dominic Ong and CBRE’s Ben Wicks, Danny Shi and Tao Shi are handling second-round expressions of interest, with a likely deal to be closed by January.
Marketed as “The Bertram”, the site can yield over 400 apartments in a 90-metre tower with around 30,000 square metres of gross floor area in total, including commercial and retail space.
One to three-bedroom apartments are ideal for the mixed-use site. There is a heritage cottage on the site which will be earmarked for restoration.
It is a walking distance to the main CBD commercial precinct which includes Westfield Chatswood and Chatswood Chase shopping centres and entertainment hub, The Concourse.
Housing demand in Chatswood is strong as it has a train line and amenities.
The median sales price of houses in the area is $2.5 million. Apartments tend to sell for between $1 million to $2 million.
Since the start of the boom in 2012, median house prices have risen 30 per cent, according to CoreLogic.
Develotek is active in apartment development across Sydney. The group has a history of “door-knocking” owners of private properties to put together large residential sites.
In Granville, in Sydney’s west it amalgamated 38 properties in early 2016 to form a 1-hectare site for nearly 700 apartments. It has also brought in Beijing-based hotel owner and residential developer Shokai Ausbao as a partner on the project.
