Strata law reforms to enhance property development capabilities

Suite 603 / 7 Help Street Chatswood to hit the market.

A 30 year old strata office building in Chatswood is primed for a future development site as expected strata law reforms come into effect on 30 November 2016, making it easier for owners to come together and sell in one line.

The building at 7 Help Street, is currently zoned B3 – Commercial Core and Floor Space Ratio (FSR) of 5:1 and height limit of 90m, however if the site was combined with the adjoining lots, it would increase the current allowance FSR and height limit of the building.

With current mixed-use developments in Chatswood like the Metro Residences by Galileo, Chatswood Place by Platino Properties, The Chatswood by Toga, servicing the insatiable demand for apartments near public amenity and transportation, further high-rise development will need to be built to take the pressure off the supply constraint.

The office suite is 118sqm and has a north easterly aspect with plenty of sunlight throughout the day and a good outlook. The office comes with a secure car space and extensive fit out comprising of three offices, a boardroom, open workspace and reception area.

According to Patrick Yi of Colliers International, “Over 3,200 apartments have been established and or are due for completion before 2020, however this is still well below what is required to sustain the current population growth which is expected to increase 54.25% from 2016 to 2036 (this is approx. 375 people per year).”

“7 Help Street is well positioned on the corner of Railway Street and Help Street, opposite to Mirvac’s Era, a mixed-use building and is only a short stroll away from Chatswood Transport Interchange. The Chatswood Transport Interchange is set to serve over 50,000 commuters per day by 2021, increasing the population catchment and traffic to Chatswood (Transport for NSW).

The property is being offered for sale by way of Public Auction on Thursday 1st December 2016 at 10:30am (AEST). For inspections please contact Colliers International Patrick Yi 0425 314 892.

7 Help Street Chatswood

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