83 Walker Street NORTH SYDNEY - CONTRACTS EXCHANGED
Investment & Future Development Opportunity
E.O.I Close 21 March 2019
83 Walker Street is a rare opportunity to acquire a strategic freehold with income and potential to add value through future development.
The existing building is on 4 storeys and is leased to 7 retail and office tenants. In addition to a busy Thai Café there are a number of quasi retail tenants including a Pilates and Yoga Studio. For these tenants 83 Walker Street is an ideal location.
- Freehold in the heart of North Sydney
- NLA approx.. 897sqm – retail & offices
- Ground floor café + 6 office suites
- Leased to 7 tenants + Optus
- Passing income approximately $320,000 p.a. net
- Many existing leases are at sub-market rents giving potential to increase the passing income
- L2 suite just leased at $500/sqm gross compared with existing rents of $340-$420/sqm gross
- Leases have been structured to allow for a re-development to commence in early 2022 if required
83 Walker Street occupies a prime site on the southern side of Walker Street with potential for a boutique development or to be part of a larger site amalgamation.
The property has a site area of 323.5sqm with potential for a boutique development similar to what was built on an identical sized site at 71 Walker Street.
71 Walker Street was re-developed in 2003 as a 10 storey office building with 2 lifts and a total NLA of approximately 2,038sqm. This building currently achieves rents of around $700/sqm.
As a boutique site we understand the potential height limit is 40m or approximately 13 levels.
Like 83 Walker Street, the 3 adjoining buildings to the south are also under-developed and could offer potential for future amalgamation and a major re-development.
As an amalgamated site the Height Limit under North Sydney’s LEP is RL145m – This equates to a potential height of approximately 90m or up to 30 storeys.
Enquire about this property
David Bolt 0439 032 008