Sydney, 10th September – Well known in the local community, 570 Blaxland Road, Eastwood, is an attractive ‘island site’ perched just 500 metres from the precinct’s cultural hub. The 1,557* square metre building comprises four tenancies across three office/retail levels and features a two-level car park. The corner site’s diverse tenancy mix, along with staggered expiries and the underlying mixed-use zoning, offers an attractive opportunity for both investors and developers.
Colliers selling agents Miron Solomons, Tom Appleby, Joseph Lin and Steam Leung have brought the long-held site to market and will take it to an online auction on Thursday the 7th of October at 10:30am.
“Underpinned by a future development exit strategy, the asset has something for everyone; the strong covenants and floorplate flexibility will appeal to investors, vacancy of a large, north-facing tenancy will appeal to occupiers and the mixed-use 907 sqm* ‘island’ site will appeal to developers,” Tom Appleby, Director at Colliers, says. “The prime gateway exposure is unrivalled in Eastwood.”
The location is undoubtedly set to capitalise on the future growth of the precinct positioned in Sydney’s robust metropolitan market where quality investments with strong development potential are becoming increasingly scarce.
“Sydney’s metropolitan office markets have rebounded incredibly over the past 12 months as an increasing number of tenants continue decentralising, seeking cost-effective and convenient alternatives to the comparatively expensive, CBD options,” Miron Solomons, National Director of Colliers says. “We highly anticipate a competitive process here, considering the multiple and diverse options this asset offers. Rarely do we see a building of this size and scale offered with such appeal to developers, investors, and owner occupiers alike.
The recent nearby sales of 42-50 Rowe Street for $19,250,000 and 2 Progress Avenue for $18,000,000 in Eastwood are testament to the high investment demand and significant cultural appeal of the area.
“Eastwood is a dynamic and multicultural suburban centre in the north of Sydney, with over 40 per cent of its population born in Asia, including China, Hong Kong and South Korea,” Joseph Lin, National Director of Colliers Asia Markets, explains. “The property sits within the fast-transforming Eastwood Town Centre so we expect to see strong interests from Asian investors and developers competing in the process.”
*Approximate land sizes