The iconic Scotts Honda building in Artarmon is on the market through Colliers International for an expected price of circa $40 million.
The 4,795 sqm building plus 1,375 sqm basement property, prominently located on the corner of Pacific Highway and Carlotta Street, has been owned by a private family for the past 32 years; this is the first time it has been offered to market since purchase.
John Carney and Andrew Graham of Colliers International are selling the flexible, B7 Business Park zoned property with car servicing, showrooms and corporate office via International Expressions of Interest.
“The suburb of Artarmon is changing; transforming from an industrial area into a health and technology precinct,” said John Carney, Associate Director, Industrial at Colliers International.
“There have been various successful new entrants to the area including Ramsay Health Care who have recently completed a new mental health hospital and NEXTDC have recently purchased a block of land at Gore Hill for a new data centre. The North Shore Health Hub on Reserve Road is also currently under construction.”
The property is located 6 kilometres from the Sydney CBD, 4 kilometres from North Sydney and 1.5 kilometres to St Leonards CBD and rail interchange.
“The iconic Scotts Honda building has excellent investment fundamentals which includes a solid income stream and a long-standing tenant,” said Andrew Graham, National Director, Strategic Advisory at Colliers International.
“The flexible B7 Business zoning provides a range of possible uses. Generous floor to floor heights provides opportunity to examine the extension of floorplates and modifications for various alternative uses. Under the flexible zoning we believe there is adaptable reuse of the property – use it now for income and repurpose/redevelop later”.
291 Pacific Highway is being offered for sale via International Expressions of Interest closing Thursday the 5th of December 2019 at 4pm.