83 Walker Street NORTH SYDNEY - SOLD $10.2M

  • 83 Walker Street
  • 83 Walker Street
  • 83 Walker Street
  • 83 Walker Street
  • 83 Walker Street
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Investment & Future Development Opportunity

 

83 Walker Street is a rare opportunity to acquire a strategic freehold with income and potential to add value through future development.

 Existing Building

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.

Key Points

  • 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

 The Future

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.

Boutique Development

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.

Site Amalgamation

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

Areas of Interest*
North Sydney Chatswood
St Leonards Crows Nest
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